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Excelsa Properties Acquire Multifamily Community in Camp Springs, Maryland
CAMP SPRINGS, MD, March 12, 2021, Excelsa Properties announced today that it has acquired in a joint venture Tribeca at Camp Springs (“Tribeca”), a multifamily property located at 4701 Old Soper Rd, Camp Springs, Maryland. This $64 M acquisition represents the seventh multifamily property acquisition of Excelsa US Real Estate I, LP for which the firm raised $85.6 million to acquire approximately $300MM worth of U.S. multifamily properties.
Tribeca consists of 224 condominium units operated as a multifamily property and over 18,000 SF of retail space. Completed in 2006, Tribeca has large units with 9’ ceilings, poured concrete construction, structured parking, and a high-quality amenity package. The property is located adjacent to the Branch Avenue (Green line) Metro station and within minutes of the I-495 beltway, providing immediate access to numerous employment centers in Prince George’s County and Washington, DC.
“Tribeca combines transit-corridor access, superb construction quality, and relative affordability to comparable properties in D.C.” said Fadi Majdalani, Managing Partner at Excelsa. David Fletcher, Managing Director and Head of Acquisitions added, “the Camp Springs community is already very vibrant, but the area had only one restaurant. That is changing right now. On-going new development and redevelopment are attracting new employers, new jobs and national retail, which will better serve this community and strengthen the area.”
The joint venture intends to invest more than $2 million in property upgrades including improvements to unit interiors, common areas, and amenities.
About Excelsa Properties
Excelsa Properties is the United States real estate investment arm of Excelsa Holding, an independent investment firm currently with over $130 million in total equity under management with operations in the United States and the Middle East region.
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