Real estate industry veteran Bill Kay has been hired as the new managing director of capital markets for Ashcroft Capital, according to a release.
The hiring of Kay will support Ashcroft’s continued emergence in the rental-housing sector as the company continues to acquire assets in its existing markets in the Sunbelt and seeks to enter new markets.
Kay will lead all capital markets activities at Ashcroft, with a focus on equity relationships with institutional investors such as real estate funds, endowments, foundations, major insurers, sovereign wealth funds, pensions and family offices. He will also actively participate in the investment and asset management processes across the company, according to the release.
“With more than two decades of experience in private real estate and private equity, it was quickly apparent that Bill is the perfect fit to lead our institutional investor relations and fundraising efforts,” Frank Roessler, founder and chief executive officer of Ashcroft Capital, said in the release.
“He has a proven track record of helping to build world-class institutional investment management companies, and we could not be more excited about having his leadership, knowledge and experience as part of the Ashcroft team.”
Prior to joining Ashcroft, Kay held senior leadership roles at Lubert-Adler Real Estate, Apollo Global Management, Morgan Stanley AIP and others. A Dartmouth College graduate with an MBA from The Fox School of Business and Management at Temple University, he has extensive global experience advising investors in tactical and strategic portfolio construction. His strategic acumen encompasses an extensive array of private strategies in fund, direct and co-investment formats.
“I’m thrilled to join the Ashcroft Capital team, which has established itself as a major player in the multifamily industry and is committed to aggressive but highly strategic growth,” Kay said in the release.
“I am thoroughly impressed with the company’s proven track record of creating value through the rebranding, renovating and repositioning of its acquired properties, as well as its history of delivering strong returns to investors and improving the resident experience. The company already has done an outstanding job of developing funding, and I’m eager to lend my expertise to help an on-the-rise company continue to thrive,” Bill Kay said.
Since its inception, Ashcroft Capital has acquired more than 11,500 units totaling more than $1.3 billion in value. Until this year, the company’s portfolio consisted of apartment communities in Jacksonville, Fla., Dallas-Fort Worth, Orlando, Fla., and Tampa, Fla. Ashcroft, which acquired just under $300 million of assets in 2020, recently entered the metro Atlanta market and is also seeking acquisition opportunities in the Charlotte, N.C., Raleigh-Durham, N.C., and Phoenix metros. Many of Ashcroft’s 2021 investments have been purchased through the company’s new $150 million Value Add Fund.
Birchstone Residential, Ashcroft Capital’s in-house property management company, manages all of Ashcroft’s owned multifamily communities. Birchstone was created to provide best-in-class service that attracts new residents, enriches the lifestyles of current residents and drives the operational performance of the Ashcroft portfolio, leading to targeted rates of return. Birchstone promotes a culture of authenticity, transparency and empowered associates.
About Ashcroft Capital
Founded in 2015, Ashcroft Capital has acquired over $1.3 billion of assets and more than 11,500 units. The firm focuses on capital preservation while striving to return strong, risk-adjusted cash-on-cash to investors. Ashcroft is capitalized with high net worth, family office and institutional capital. Within the real estate industry, Ashcroft specializes in value-add real estate and exhibits an expertise in extracting maximum value from every asset it acquires. Rather than attempting to play market timing, the firm strives to acquire excellent apartment communities within well-located submarkets of large and growing U.S. metroplexes.