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Excelsa Properties Acquires Multifamily Community in Goose Creek, South Charleston for $52.7 Million
GOOSE CREEK, SC, February 16, 2022, Excelsa Properties announced today that it has acquired Coventry Green Apartments, a multifamily property located in the Goose Creek suburb of Charleston, SC, in an off-market transaction. The $52.7 million acquisition represents the tenth multifamily property acquisition of Excelsa US Real Estate I, LP (EUSRE I) and the second multifamily property acquisition of Excelsa US Real Estate II, LP.
With this property acquisition EUSRE I has fully invested its equity of $120 million and acquired approximately $350 million worth of U.S. multifamily properties.
The three-story Coventry Green Apartments consists of 256 units and features distinctive gardens, ponds, and fountains as well as a variety of amenities.
Built in 2001, Excelsa Properties intends to invest more than $5 million to upgrade this value add property.
The property is a 19-minute drive to North Charleston. It is in proximity to major employers including Joint Base Charleston, The Medical University of South Carolina, The Boeing Company, and Volvo Car USA.
“Goose Creek is part of the rapidly growing Charleston metropolitan area, with a labor force growing 3x the national average, as the area attracts global manufacturers '' said David Fletcher, Managing Director at Excelsa. “These factors will continue to drive tenant demand for years to come.”
Fadi Majdalani, Managing Partner at Excelsa, added “After the successful closing of Fox Hunt Farms in December, we are thrilled to add another stellar property to the portfolio of our newly-launched second multifamily fund.”
About Excelsa Properties
Excelsa Properties is the United States real estate investment arm of Excelsa Holding, an independent investment firm currently with over $185 million in total equity under management with operations in the United States and the Middle East region.
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