Excelsa Fund Picks Up Dallas Property

The purchase expands the firm’s presence in Texas.

Outdoor pool area surrounded by balconied town houses
The Pear Ridge property is located in North Dallas. Image courtesy of Excelsa Properties.

A fund managed by Bethesda, Md.-based Excelsa Properties has expanded its Texas presence with the acquisition of Pear Ridge, a 168-unit multifamily property in Dallas. The purchase price could not immediately be learned. The company plans to invest $4.3 million on upgrades to the value-add asset. The property had previously been owned and managed by Price Brothers of Overland, Kan., according to Yardi Matrix data.

Pear Ridge was the fifth multifamily acquisition made through Excelsa US Real Estate II LP and its 18th multifamily acquisition overall. The property was jointly acquired by the fund and an Excelsa co-investment vehicle.

Excelsa, a real estate manager with a focus on multifamily investments in the United States, closed Excelsa US Real Estate II, its second multifamily fund, in May 2022. The company currently has $293 million in assets under management.

Price Brothers received an $11.7 million,15.08-year Fannie Mae CMBS loan for the property in June 2018, Yardi Matrix data shows.

Pear Ridge details

Located at 4753 Old Bent Tree Lane in the Far North Dallas submarket, the 5.67-acre property has 12 two-story buildings that were completed in 1986. It was 95.2 percent occupied at the time of the sale.

Pear Ridge has a mix of one- and two-bedroom apartments and two-bedroom townhouses, ranging in size from 628 to 1,088 square feet, with an average of 761 feet. Rents range from $1,265 to $1,853, with an average of $1,353, according to Yardi Matrix data.

Excelsa plans to make comprehensive upgrades to Pear Ridge including installing new countertops, stainless steel appliances, tile backsplashes, vinyl flooring, lighting, plumbing fixtures and ceiling fans. Renovations will include roof, boiler, HVAC, concrete and stair system repairs. The clubhouse and pool fixtures will be rehabbed and landscaping improved.

In addition to the clubhouse and pool, community amenities include a business center, fitness center, lounges, laundry facilities, storage spaces and transportation services.

Apartment and townhouse features include private balconies or patios, vaulted ceilings, fireplaces, washer and dryer hookups and high-speed internet access. The gated community has 300 parking spaces with covered parking available.

Pear Ridge is located in Collin County, the third largest county in the region. The Dallas-Fort Worth metropolitan area has high job growth and solid employment metrics.

Excelsa deals

In October 2020, Excelsa completed the acquisition of Aspen at Mercer Crossing, a 260-unit Class A community in Farmers Branch, Texas. That purchase, from Wood Partners, was the first in the Dallas market for the company. The property is located 10 miles from Dallas/Fort Worth International Airport and 15 miles northwest of central Dallas.

Also in Texas, Excelsa teamed up with GoldCar Capital Partners to purchase Bayou Parc at Oak Forest in July 2019. The 392-unit community, located in Houston, was acquired from Tradewind Properties, which sold the property, later rebranded as Bend at Oak Forest, in summer 2022.

More recently, Excelsa acquired Concord Park at Russett, a 335-unit community in Laurel, Md., for $105.5 million from Starwood Capital Group. The July 2023 purchase was also made through Excelsa US Real Estate II and an Excelsa co-investment vehicle.

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