Excelsa Properties announced that it has acquired Pear Ridge, a 168-unit multifamily property located at 4753 Old Bent Tree Lane, Dallas, Texas.
The acquisition represents the fifth multifamily property acquisition of Excelsa US Real Estate II, LP and the 18th multifamily acquisition across its portfolios. The value-add property, Pear Ridge, was jointly acquired by Excelsa US Real Estate II, LP and an Excelsa co-investment vehicle. With this acquisition, Excelsa Properties has acquired nearly $610 million in U.S. multifamily properties since 2009.
Built in 1986, Excelsa Properties will invest $4.3 million to comprehensively upgrade Pear Ridge. Improvements include the installation of new countertops, stainless steel appliances, tile backsplash, vinyl flooring, lighting and plumbing fixtures, and ceiling fans. Exterior renovations include roof repairs, boiler repairs, painting refresh, concrete repairs, stair system, HVAC repairs, landscaping, pool fixtures, and clubhouse rehab.
“Pear Ridge is ideally located in the Dallas-Fort Worth (DFW) metropolitan area.” said David Fletcher, managing director at Excelsa Properties. “The area enjoys very high job growth and solid employment which support occupancy, rent growth and asset valuations. Pear Ridge will benefit as the Dallas economy grows.”
Jonathan Woods, COO of Excelsa Properties, added “Excelsa continues to seek to acquire multifamily properties offering potential for risk adjusted returns in line with the targets of Excelsa US Real Estate II, LP.”
Excelsa Properties is a real estate asset manager with a focus on multifamily investments in the United States. It has $293 million in total assets under management. Excelsa closed its second multifamily fund, Excelsa US Real Estate II, LP, on May 6, 2022.
