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Investor Buys Maryland Apartment Complex for $106M
Excelsa Properties has acquired Concord Park at Russett, a 335-unit multifamily property in Laurel, Maryland, for $105.5 million. The company will invest $4.4 million to upgrade the property, including improvements to the roof, HVAC system, and parking decks, as well as installing new appliances and tech packages.
“Concord Park at Russett is located in the sixth-largest metropolitan area in the U.S., with no current multifamily projects planned in the area and a median household income well above the national average,” said David Fletcher, 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.”
The acquisition marks the fourth multifamily property purchase by Excelsa US Real Estate II. The company has acquired nearly $600 million in U.S. multifamily properties since 2019.
