Ashcroft Capital, a fully integrated multifamily investment firm, announced its acquisition of Birchstone Waterleigh, a luxury garden-style community in Winter Garden, Florida.
Birchstone Residential, Ashcroft Capital’s in-house property management and construction management company, is now providing services for the residents of the community, which was built in 2023.
The Class A Birchstone Waterleigh (formerly Ascend Waterleigh Club) features 300 apartment homes and is located in the 22,000-acre Horizon West, one of the fastest-growing master-planned communities in the country. The community becomes Ashcroft’s second multifamily property in Winter Garden (the company acquired the adjacent Halston Waterleigh in late summer 2024) and its seventh in metro Orlando. The acquisition was completed through a joint venture that includes Temerity Strategic Partners and Pearlmark.
“Birchstone Waterleigh is a Class A luxury community with high-end interior design and resort-like amenities,” said Frank Roessler, founder and CEO of Ashcroft. “This acquisition is another step in our ongoing pursuit of high-quality assets, and we could not be more excited to add this property to our portfolio. We continue to remain bullish on Orlando in general and Winter Garden in particular. When you combine the strong renter demand in this market with limited future apartment deliveries, it creates the exact opportunity we are seeking. Properties like this allow us to lean into our focus on excellent customer service with an emphasis on resident satisfaction and retention.”
Community amenities include a resort-style saltwater pool, coworking lounge, 24-hour fitness center, enclosed dog park, 24-hour emergency maintenance service, game lounge, outdoor barbecue grills and dining areas, parcel lockers with 24-hour access, EV charging station and housekeeping services. Homes feature stainless steel appliances, built-in microwaves, hardwood-style flooring, full-size washers and dryers, modern lighting, ceiling fans, gray quartz counters and walk-in closets.
“Ultimately, we were attracted to Birchstone Waterleigh for multiple reasons,” said Scott Lebenhart, chief investment officer of Ashcroft Capital. “In addition to its obvious caliber, the community sits in a submarket that will see limited competitive new multifamily supply in the future because of its location in Horizon West and the restrictions of the master-planned community. Also, given its proximity to Halston Waterleigh and our other communities in the Orlando area, Birchstone Waterleigh should further enable us to create economies of scale and operational efficiencies in central Florida. Finally, the community is located in a top-rated school district that serves as a powerful draw for renters.”
“Birchstone Waterleigh represents a great opportunity to acquire a high-quality, stabilized asset directly from the developer within the in-demand Horizon West master plan,” said Stephen Quazzo, CEO and co-founder of Pearlmark. “The property also benefits from its proximity to Walt Disney World, top-rated schools, and will benefit from Birchstone Residential’s experience in the market. Pearlmark is proud to acquire this best-in-class investment with our like-minded joint venture partners.”
Birchstone Waterleigh is the first Ashcroft community to be rebranded with “Birchstone” in its name. Ashcroft plans to continue to rebrand Class A properties it acquires with the Birchstone name.
In addition to Florida, Ashcroft owns communities throughout Texas, Georgia and North Carolina. The company is actively pursuing additional markets in the Sun Belt.
