Excelsa Expands in South Carolina
More than $1.5 million will be invested for property upgrades.
Fox Hunt Farms. Image by Robert Russell
Excelsa Properties has acquired Fox Hunt Farms in Fort Mill, S.C., from York Investment Properties for $61.5 million. The firm partnered with Stronghold Capital Partners to purchase the apartment property.
Stronghold sourced the off-market deal and leveraged its long-term relationship with Excelsa to capitalize it. Medalist Capital served as the mortgage broker on the transaction.
Constructed in 2017, the 15-building, 276-unit Fox Hunt Farms is located at 355 Armistead Ave. The property offers one-, two- and three-bedroom units, averaging 1,011 square feet. Unit amenities include vaulted ceilings and above standard ceiling heights, wood style blinds, ceiling fans, designer cabinetry, dual vanities and walk-in showers, granite countertops, plank wood flooring, private patios and balconies, walk-in closets, stainless steel appliances and washer/dryer connections.
Resident amenities include a 24/7 fitness and yoga studio, a 24/7 secured package room, a bark park with agility equipment, a resident clubhouse with billiards, an outdoor fireplace and electric fire pit, an outdoor kitchen with grills, a pet wash and grooming station and a saltwater pool with designer lounge furniture.
“We acquired Fox Hunt Farms because it is a high-quality asset with a good location in the Charlotte metro area,” Bassam Yammine, founder & CEO of Excelsa, told Multi-Housing News. “Fort Mill has a high median household income, and it is ranked as a top school district in South Carolina. The area is experiencing a high growth in population and limited supply. These factors will drive occupancy, rent growth and value for years to come.”
Fox Hunt Farms is located at the intersection of Interstate 77 and Highway 160 W, providing residents with access to neighboring communities and the West Town Market, Mills Crossing and Cornerstone Commons shopping centers. The property is about 30 minutes from Charlotte Douglas International airport and downtown Charlotte.
Excelsa Properties intends to invest more than $1.5 million in property upgrades to Fox Hunt Farms, including improvements to unit interiors, common areas, and amenities.
Excelsa Expansion
The firm’s South Carolina portfolio includes a 28,601-square-foot office building, located at 25 Calhoun St. in Charleston. Excelsa has another multifamily property in the state under contract for purchase.
This acquisition represents the ninth multifamily property for Excelsa US Real Estate I LP. The firm raised $85.6 million to acquire approximately $300 million worth of multifamily properties across the country. Fox Hunt Farms is the fourth acquisition Excelsa has made in the past 15 months.
