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.”
- ◦Acquisition