Ashcroft Buys Value-Add South Florida Apartment Complex for $70M
By Julia Echikson September 12, 2023 5:07 pm
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Ashcroft Capital scooped up a rental complex in Coconut Creek, Fla., for $70.4 million, property records show.
Completed in the late 1980s, Advenir at Cocoplum features 360 units across 31 acres. The 417,805-square-foot community is at 4142 Cocoplum Circle, near the intersection of West Sample Road and Lyons Road.
Ashcroft Capital secured a $62.24 million mortgage from Newmark. New York-based Ashcroft specializes in multifamily properties, boasting a 13,062-unit portfolio.
The Coconut Creek purchase, which equates to $195,555 per apartment, was one of three made through the Ashcroft Value-Add Fund III, according to an article penned by Ben Nelson, Ashcroft’s investor relations manager.
Per the firm’s stated strategy, it will likely renovate the property to increase rental rates and then sell the asset in the next five to seven years. Asking rents currently range between $1,735 and $2,889 a month, according to Apartments.com.
The Aventura-based seller, Advenir, had purchased the Cocoplum community for $64.5 million in 2017, per records.
Representatives for both the buyer and seller did not immediately respond to requests for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
