Ashcroft Capital Acquires Advenir At Cocoplum Multifamily In Coconut Creek For $70.4M

The Advenir at Cocoplum rental complex in Coconut Creek, Florida has been sold to Ashcroft Capital for a total price of $70.4 million. The property, located at 4142 Cocoplum Circle, is a multifamily asset spanning 31 acres. The transaction was facilitated by Frank Roessler and Ben Nelson of Ashcroft Capital, representing the buyer, and David Vecchitto of Advenir, representing the seller.

Summary of transaction details

• Property Type: Multifamily
• Sale Price: $70,400,000
• Address: 4142 Cocoplum Circle
• Market: Coconut Creek
• Acres: 31

The acquisition of the Advenir at Cocoplum rental complex was financed through a mortgage of $62.24 million provided by Newmark. Ashcroft Capital plans to implement renovations and increase rental rates as part of their value-add strategy. The company intends to sell the property within the next five to seven years, capitalizing on the improved rental rates and enhancements made to the complex.