After remaining quiet for a few years, Excelsa Properties has been looking to get back into the multifamily acquisition game and is focusing on the Sunshine State, even as uncertainties remain market.
In fact, the real estate manager recently announced it purchased The Drake at St Pete and plans to pour $8 million into capital improvements. The addition of the 477-unit property in St Petersburg, Florida marks the 19th multifamily acquisition to the company's portfolio.
The move comes after Excelsa made just four acquisitions from 2021 to 2023. In the first half of this year, it has already bought two properties including The Drake at St Pete, and has underwritten roughly 500 deals, according to David Fletcher, managing director at Excelsa.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
