A joint venture of Ashcroft Capital and SFO Capital Partners has acquired Elliot Gateway, a 388-unit garden-style community in Marietta, Ga. McCann Realty Partners sold the property for $102.5 million, according to Yardi Matrix data.
The asset previously changed hands in 2019, when McCann Realty bought the community from Oak Residential Partners for $49.2 million, the same data provider shows.
Formerly known as Discovery Gateway, the community will undergo a renovation. Birchstone Residential, Ashcroft Capital’s in-house property management company, will execute interior improvements.
Built in 1984 and 2021, when 30 units were added, the community covers 27 acres and features 20 two- and three-story buildings with one-, two- and three-bedroom apartments, averaging 1,132 square feet.
The interior improvements will bring quartz countertops, stainless steel appliances, upgraded plumbing and lighting fixtures, and new cabinets, among others. Common-area amenities include two swimming pools, a fitness and business center, a tennis court, a playground, a new clubhouse, an outdoor kitchen with barbecue area and laundry facilities.
Located at 720 Franklin Gateway S.E., the property sits in the submarket of Marietta, just 16.4 miles from Atlanta and has access to U.S. Highway 41 and Interstate 75. The campus of Kennesaw State University is less than 2 miles away. Retail and dining options are also available in the immediate area.
Elliot Gateway marks Ashcroft Capital’s sixth community in metro Atlanta, as well as SFO Capital Partners’ 19th acquisition in the U.S. housing sector. Ashcroft Capital is active in other multifamily markets as well, with investments in several Sun Belt metros. Last year, the company expanded its footprint in Florida, with the purchase of a 352-unit community in Jacksonville.