Excelsa Properties Makes its Second Multifamily Property Sale in Past 30 Days Following Successful Value Add Strategy

Archer was the first acquisition of its Excelsa Properties’ maiden multifamily fund, Excelsa US Real Estate I, LP (‘EUSRE I’). This sale represents the second exit from EUSRE I following the sale of Bend at Oak Forest in the Houston area in July.

Located in Gainesville, Archer is composed of five properties constructed in the 70s and early 80s. The properties are near the University of Florida Health Shands Hospital and the University of Florida campuses.

At acquisition, the asset had significant deferred maintenance, Excelsa invested $4 MM in repositioning the properties and renovated about 25% percent of the portfolio’s 582 units. Excelsa was able to upgrade the property from a C-class property to a B-class property. The value-add program included: a clubhouse remodeling, discernable improvements to outdoor amenities and landscaping, roof replacements, and a total upgrade of unit interiors. 

“In addition to the hard work and investment that went into transforming the properties” said Jon Woods, Chief Operating Officer at Excelsa Properties, “the sale benefitted from a white-hot Florida multifamily market driven by population, job and wage growth.”

About Excelsa Properties

Excelsa Properties is the United States real estate investment arm of Excelsa Holding, an independent investment firm currently with over $200 million in total equity under management with operations in the United States and the Middle East region. Excelsa closed its second multifamily fund, Excelsa US Real Estate II, LP, on May 26, 2022.