Excelsa Properties Sells FL Multifamily Portfolio for $89M
The disposition follows a $4 million value-add program and represents the firm’s second exit from its first multifamily fund.
GAINESVILLE, FL – Excelsa Holding’s US real estate investment arm Excelsa Properties has sold a five-property multifamily portfolio in Gainesville, FL for $89.5 million. The firm originally purchased the 582-unit asset in August 2018 for $42.6 million, before implementing a comprehensive value-add program at the property.
The Archer Road portfolio represented the first acquisition made by Excelsa Properties’ maiden multifamily fund, Excelsa US Real Estate I LP (EUSRE I).
The recent sale of the portfolio represents Excelsa Properties’ second exit from EUSRE I. The firm previously sold the Bend at Oak Forest apartment community in Houston, TX in July.
During the four-year, value-add program, Excelsa Properties invested $4 million into the asset to convert it from a class C property to a class B property. The firm repositioned the asset, renovated 25% of the units, remodeled the clubhouse, improved outdoor amenities and landscaping, replaced roofing and upgraded unit interiors.
“In addition to the hard work and investment that went into transforming the properties, the sale benefitted from a white-hot Florida multifamily market driven by population, job and wage growth,” states Jon Woods, Excelsa Properties’ COO.
Constructed in the 1970’s and early 1980’s, the Archer Road portfolio is located near the University of Florida Health Shands Hospital and the University of Florida campuses.