Bethesda, MD-based Excelsa Properties has closed on the $78-million purchase of Columbia Pointe, a 325-unit multifamily in downtown Columbia, MD. The value-add property was jointly acquired by Excelsa US Real Estate II, LP and an Excelsa co-investment vehicle.

Excelsa Properties represented itself in the acquisition.  The seller, Morgan Properties, was represented by Newmark.

“With current occupancy of 95%, this investment supports a very high going-in yield,” said Jon Woods, COO at Excelsa Properties. “Given the need for housing in the growing and thriving community of Columbia, we also see an opportunity to add value to the property through unit renovations, further strengthening yield.”

Columbia Pointe comprises one residential tower and 14 garden-style buildings on an 18-acre plot, surrounded by walking and biking trails. The 1972-constructed property was substantially renovated in 2016. It is within walking distance of Columbia’s downtown core, which is in the midst of a $5-billion redevelopment.

Excelsa Properties has acquired 11 properties since 2018.