Dealmaker: Excelsa Properties Acquires Md. Multifamily for $78M
(Columbia Pointe Apartment Homes, Columbia, Md.)
Excelsa Properties, Bethesda, Md., closed its $78-million purchase of Columbia Pointe, a 325-unit multifamily in downtown Columbia, Md.
Excelsa US Real Estate II LP and an Excelsa co-investment vehicle jointly acquired the campus, according to Lisa McDuffie of ConnectCRE. Excelsa Properties represented itself in the acquisition. The seller, Morgan Properties, was represented by Newmark.
Columbia Pointe Apartment Homes, built in 1972, is a value-add multifamily property that consists of 14 garden-style buildings and one mid-rise building. It underwent renovation in 2016. Average unit size is 958 square feet.
The campus is in the Lakeside district of Columbia in the D.C.-Baltimore area. It is within walking distance of various retail and entertainment centers, including The Mall in Columbia.
“With current occupancy of 95%, this investment supports a very high going-in yield,” said Jon Woods, CEO at Excelsa Properties. “Given the need for housing in the growing and thriving community of Columbia, we also see an opportunity to add value to the property through unit renovations, further strengthening yield.”