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Excelsa Properties Makes First DFW Deal
Excelsa Properties has acquired Aspen at Mercer Crossing, a 260-unit multifamily community at 1851 Knightsbridge Rd. in Farmers Branch. This represents the sixth multifamily property acquisition of Excelsa US Real Estate I, LP for which the firm raised an $85.6-million closed-end fund to acquire $500 million of U.S. multifamily properties.
Excelsa provided 100% of the equity of the transaction, which represents the firm’s first core/core plus acquisition of a newly constructed, Class A multifamily property, first Dallas/Fort Worth acquisition, and first Green Globes-certified acquisition.
“We have been working very hard to secure our first asset in Dallas,” said David Fletcher, managing director and head of acquisitions of Excelsa. “We expected it to be a value-add investment in an older Class B or Class C property. When the value-add market stalled in March, we pivoted to core/core plus opportunities.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
