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JV Acquires Metro D.C. MF Community for $64M

Real estate investment firm Excelsa Properties, as part of a joint venture, has acquired Tribeca at Camp Springs, a 224-unit multifamily community in Camp Springs, MD. The sales price was $64 million.

Located at 4701 Old Soper Rd., Tribeca consists of 224 condominium units operated as a multifamily property and more than 18,000 square feet of retail space. Completed in 2006, the property features large units with nine-foot ceilings, structured parking and a high-quality amenity package. The JV plans to invest more than $2 million in property upgrades including improvements to unit interiors, common areas and amenities.

“The Camp Springs community is already very vibrant, but the area had only one restaurant,” said David Fletcher, managing director at Excelsa Properties. “That is changing right now. On-going new development and redevelopment are attracting new employers, new jobs and national retail, which will better serve this community and strengthen the area.”


Inside The Story

Excelsa Properties’ Fletcher

About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

  • ◦Acquisition
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