Ashcroft Capital & Iviron Capital Partners Acquire Advenir Inc.'s Multifamily In Sarasota For $78.3M

Ashcroft Capital, in partnership with Iviron Capital Partners, has acquired the 358-unit Advenir at Gateway Lakes apartment property in Sarasota, Florida for $78.31 million. The property, located at 1000 Marlin Lakes Circle, is now renamed as Halston Lakeside. As part of their investment strategy, the buyers plan to fund renovations, which include the addition of vehicle charging stations and upgrades to both the amenities and units.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $78,310,000
• Units: 358
• Price Per Unit: $218,743
• Buyer: Ashcroft Capital (Frank Roessler), Iviron Capital Partners (Thomas D. Christopoul)
• Seller: Advenir Inc. (David Vecchitto)
• Lender: PGIM Real Estate

In this transaction, Ashcroft Capital, led by Frank Roessler and Iviron Capital Partners, represented by Thomas D. Christopoul, acted as the buyer. The seller, Advenir Inc., was represented by David Vecchitto. The lender for the deal was PGIM Real Estate.