Excelsa Properties announced that it has acquired Concord Park at Russett, a 335-unit multifamily property located at 7903 Orion Circle in Laurel, Maryland. The $105.5 million acquisition represents the fourth multifamily property acquisition of Excelsa US Real Estate II, LP. The value-add property, Concord Park at Russett, was jointly acquired by Excelsa US Real Estate II, LP and an Excelsa co-investment vehicle. The company assumed the in-place interest only (I/O) loan with a fixed rate of 3.4 percent and six years remaining on its term, and supplemented the loan with a fixed rate I/O loan of a similar maturity date, with a weighted average interest rate of 3.7 percent.
Built in 2005, Excelsa Properties will invest $4.4 million to upgrade Concord Park at Russett. Improvements include a new roof, HVAC system, signage, repair of parking decks, installation of stainless-steel appliances, hardwood flooring, upgraded lighting fixtures, upgraded sinks and faucets, kitchen backsplash, and tech packages.
“Concord Park at Russett is located in the sixth-largest metropolitan area in the US, with no current multifamily projects planned in the area and a median household income well above the national average,” said David Fletcher, managing director at Excelsa Properties. “The property’s tremendous connectivity to the entire Baltimore-Washington area, combined with its large units and extensive amenities, make it a highly desirable location for residents.”
Concord Park at Russett is situated in the highly desirable Anne Arundel County with a population of approximately 600,000 residents and 90,000 employees. The nine-building community features a resort-style swimming pool, clubhouse with fireplace, business center, theater room, fitness center, yoga & HIIT training studio, library, and business lounge.
With this acquisition, Excelsa US Real Estate II, LP (EUSRE II) and Excelsa US Real Estate I, LP (EUSRE I) have acquired nearly $600 million in U.S. multifamily properties since 2019.
Jon Woods, COO at Excelsa Properties, added “Excelsa continues to look to make strategic multifamily property acquisitions where we can deliver risk adjusted returns in line with the targets of our Excelsa US Real Estate II fund.”
