Excelsa Properties, alongside a joint-venture partner, has acquired a multifamily property located at 4701 Old Soper Rd. in Camp Springs, MD for $64 million.
The acquired property, Tribeca at Camp Springs, features 224 condominium units, as well as more than 18,000 square feet of retail space.
The joint-venture partners intend to invest more than $2 million in property upgrades, including improvements to unit interiors, common areas and amenities.
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Constructed in 2006, the property currently offers structured parking, poured concrete construction, various amenities and units with 9-foot ceilings.
The transaction represents Excelsa US Real Estate I LP's seventh multifamily property acquisition. Excelsa Properties has raised $85.6 million for Excelsa US Real Estate I LP to acquire $300 million worth of US multifamily properties.
"The Camp Springs community is already very vibrant, but the area had only one restaurant," states David Fletcher, managing director and head of acquisitions for Excelsa Properties. "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."
"Tribeca combines transit-corridor access, superb construction quality and relative affordability to comparable properties in DC," says Fadi Majdalani, managing partner at Excelsa Properties.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
