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Excelsa Raises $153M Multifamily Fund from Middle Eastern, Gulf States Investors
Bethesda, MD-based Excelsa has closed its second US multifamily fund with $153 million in equity raised. The fundraise targeted family offices and high net worth investors from the Middle East and Gulf states.
“Our fundraising success highlights the strong appetite for multifamily investments from the Middle East and Gulf states,” said Khalil Hibri, head of business development at Excelsa. “Our investors seek stable yields and a strong hedge against inflation which US multifamily delivers.”
In line with its current strategy, the new fund will focus on value-add multifamily and core plus properties across several states in the US including the Sun Belt states.
The new fund has already deployed $27 million in equity in the purchases of Fox Hunt Farms (256 units in Charlotte) in December 2021 and Coventry Green (276 units in Charleston) in February 2022. The properties were acquired during a pre-launch phase and through bridge loans from the investors.
- ◦Sale/Acquisition
