Updated Dec 2, 2025
Frank Roessler Of Ashcroft Capital And Stephen Quazzo Of Pearlmark Acquire Dallas Multifamily Community For $47.4M
6165 Ridge Center Drive
Units
360
Asset Type
MultiFamily
Closing
Nov 26, 2025
About this deal
AI
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.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93