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Florida & Gulf Coast  + Central Florida  + Apartments  |  September 7, 2022
Excelsa Properties has completed the sale of five apartment complexes in Gainesville, FL for $89.5 million sale.
Lisa McDuffie
By: Lisa McDuffie

Excelsa Properties Sells Gainesville Multifamily Portfolio for $90M Following $43M Purchase in 2018

Excelsa Properties has completed the $89.5-million sale of a five-property multifamily portfolio located in Gainesville, FL. The company acquired the Archer Road Portfolio for $42.6 million in August 2018.

The portfolio’s five properties were constructed in the 70s and early 80s and are near Shands Hospital and UF.

Archer Road Portfolio was the first acquisition of its Excelsa Properties’ maiden multifamily fund, Excelsa US Real Estate I, LP.

At acquisition, the asset had significant deferred maintenance. Excelsa invested $4 million in repositioning the properties and renovated about 25% percent of the portfolio’s 582 units, resulting in upgrades from Class C to Class B properties.

“In addition to the hard work and investment that went into transforming the properties, the sale benefitted from a white-hot FL multifamily market driven by population, job and wage growth,” said Jon Woods, CEO at Excelsa Properties.

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Excelsa Properties' Woods

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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