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Excelsa Properties Acquires Multifamily Community in Fort Mill, South Carolina for $61.54 Million
FORT MILL, SC, December 16, 2021, Excelsa Properties announced today that it has acquired Fox Hunt Farms Apartments, a multifamily property located at 355 Armistead Avenue in Fort Mill, South Carolina from York Investment Properties in an off-market transaction. This $61.54 million acquisition represents the ninth multifamily property acquisition of Excelsa US Real Estate I, LP for which the firm raised $85.6 million to acquire approximately $300 million worth of U.S. multifamily properties.
Fox Hunt Farms is Excelsa's 3rd acquisition in the last 14 months.
Excelsa is partnering with Stronghold Capital Partners to acquire this off market deal.
Fox Hunt Farms consists of 276 luxury apartment units. Built in 2017, the community features one-, two- and three-bedroom units offering spacious layouts and exclusive loft suites. Each home has wood inspired flooring throughout all living areas and lush carpet in the bedrooms. The gourmet style kitchens offer granite countertops, stainless steel appliances, pendant lighting, and designer wood cabinets. The community also features resort style amenities, like the saltwater pool, fitness centers and dog park, just to name a few. Fox Hunt Farms is ideally located at the intersection of Interstate 77 and Highway 160 W, providing convenient access to neighboring communities.
“Fort Mill is the top-rated school district in South Carolina and the area has a strong mix of retail options. Fox Hunt Farms is also a 20 minute drive from major employers in downtown Charlotte” said Bassam Yammine, CEO of Excelsa. “These factors will continue to drive tenant demand for years to come.”
David Fletcher, Managing Director and Head of Acquisitions added, “we are seeing record transaction volume for multifamily properties across the United States. Excelsa Properties will be very active in 2022 with further acquisitions scheduled to close in the first half of the year.”
Excelsa Properties intends to invest more than $1.5 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 $185 million in total equity under management with operations in the United States and the Middle East region.`
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