Ashcroft Capital has acquired The Apartments at Midtown 501, a 248-unit garden-style community in Chapel Hill, NC.

The transaction marks the entry into NC for Ashcroft Capital, a New York, NY-based multifamily investment firm that owns apartment communities throughout metro Atlanta, TX and FL and is actively pursuing additional markets in the Sun Belt.

“The current capital markets present challenges to our acquisition team,” said Frank Roessler, founder and CEO of Ashcroft Capital. “For this reason, we are focusing on excellent submarkets such as Chapel Hill, which is a high-growth market where we want to invest. Over time, we plan to build a sizable footprint in the Raleigh-Durham-Chapel Hill area.”

The Apartments at Midtown 501 sits at 545 Ashley Court is Highway 15-501 between Downtown Chapel Hill and I-40 for access employment centers such as Research Triangle Park, the University of North Carolina at Chapel Hill, UNC Medical Center, Duke University and Duke University Hospital.