Frank Roessler Of Ashcroft Capital And Stephen Quazzo Of Pearlmark Acquire Dallas Multifamily Community For $47.4M

The property asset involved in the transaction is a multifamily community located at 6165 Ridge Center Drive in Dallas. This 360-unit property, previously known as Jefferson Cedar Ridge, has been renamed Birchstone Cedar Ridge following its sale. The community comprises 11 buildings and was opened in 2024, featuring one- to three-bedroom units along with three pools, a clubhouse, and a business center.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $47.4M
• Buyer: Frank Roessler - Ashcroft Capital; Stephen Quazzo - Pearlmark Real Estate Partners
• Seller: Payton Mayes - JPI
• Lender: New York Life Insurance

This transaction involved a joint venture between Ashcroft Capital and Pearlmark Real Estate Partners, financing the acquisition through a loan from New York Life Insurance. JPI was the seller of the property, completing the transfer of ownership to the new buyers.