Excelsa Properties Acquires Multifamily Property in DC Suburbs for $64M
Excelsa Properties has acquired Tribeca at Camp Springs, a 224-unit multifamily property located in the Washington, D.C., suburb of Camp Springs, Md., for $64 million.
The property also contains 18,879 square feet of retail space, which includes Maryland Care with 8,707 square feet; Lavan Nail & Spa with 1,673 square feet; Allstate with 1,457 square feet; Smile Loft with 2,741 square feet; and The Learning Curve with 4,301 square feet.
The seller was not disclosed.
Built in 2006, Tribeca’s units include 9-foot ceilings and a high-quality amenity package. The new owners plan to invest more than $2 million in property upgrades, including improvements to unit interiors, common areas and amenities.
“Tribeca at Camp Springs is a high-quality property, built with large units and condominium quality finishes,” Fadi Majdalani, Excelsa managing partner, told Commercial Observer. “The market around Tribeca has caught up to its quality level in recent years, while design fashions have changed since Tribeca was built. Tribeca needs an update, so that its best-in-class units are paired with current-style amenities. This light value-add fits well with our investment philosophy.”
Located at 4701 Old Soper Road, the property is situated adjacent to the Branch Avenue Metro station and close by the I-495 beltway, providing immediate access to both Prince George’s County and Washington, D.C.
“Tribeca combines transit-corridor access, superb construction quality, and relative affordability to comparable properties in D.C.,” Majdalani said. “The consolidation of the [U.S. Citizenship and Immigration Services] into one office adjacent to Tribeca will move 3,000 to 4,000 jobs to the immediate area. The lease up of Restaurant Row directly across from Tribeca is increasing resident dining options tenfold. The location and dynamics at the location make this investment attractive.”
Additionally, ongoing new development and redevelopment are attracting new employers, new jobs and national retail, which will better serve this community and strengthen the area.
The deal is the seventh multifamily acquisition by Excelsa US Real Estate I, as part of the $85.6 million it raised to acquire $300 million worth of U.S. multifamily properties.