Ashcroft Capital, a private equity firm completed the acquisition of the apartments at Midtown 501. Financial terms were not disclosed. "The current capital markets present challenges to our acquisition team. As such, we remain highly selective. For this reason, we are focusing on excellent submarkets such as Chapel Hill, which is a high-growth market where we want to invest. We look forward to expanding our portfolio there. Over time, we plan to build a sizable footprint in the Raleigh-Durham-Chapel Hill area. And though we're not in a rush, we saw Midtown 501 as too good of an opportunity to look away from," Frank Roessler, Ashcroft Founder and CEO.