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August 17, 2019
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Excelsa Properties Venture with Goldcor Capital Partners Acquires 392-Unit TX Asset

8/01/19

Excelsa Properties, in a joint venture with Goldcor Capital Partners, has acquired Bayou Parc at Oak Forest, a 392-unit, multifamily community in Houston, TX. The acquisition comes approximately six months after Excelsa Properties raised $85.6 mil through Excelsa US Real Estate I, LP to acquire value-add multifamily properties in the Southeast and Mid-Atlantic regions of the United States.

Bayou Parc at Oak Forest is located at 4000 Watonga Blvd. The property consists of 36 two-story buildings completed in 1974. The unit mix features studio- to three-bedroom apartments, with floor plans ranging from 480 sf to 1.2k sf.

Common-area amenities include a fitness center, business center, clubhouse, picnic area, playground, pool and two dog parks. The property was 94% occupied as of May.

Excelsa Properties brought 95% of the equity of the transaction and Goldcor Capital partners sourced the opportunity and brought the balance of the equity. The joint venture intends to invest more than $4 mil in property upgrades including improvements to home interiors and all common areas including addition of a second clubhouse.

“Bayou Parc at Oak Forest is a perfect investment for Excelsa as it is located in one of Houston’s rapidly gentrifying and close-in neighborhoods and enjoys great access to the city’s major employment drivers,” said Jon Woods, a Partner at Excelsa. “We are actively looking to acquire value-added mid-size Class B and C workforce multifamily properties.”




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