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Excelsa Properties Purchases 260-Unit TX Multifamily Community

10/20/20

Excelsa Properties has acquired Aspen at Mercer Crossing, a 260-unit multifamily community located at 1851 Knightsbridge Rd in Farmers Branch, TX. This represents the sixth multifamily property acquisition of Excelsa US Real Estate I, LP for which the firm raised an $85.6 mil closed-end fund to acquire $500 mil worth of U.S. multifamily properties.

Excelsa provided 100% of the equity of the transaction, which represents the firm’s first Core/Core Plus acquisition of a newly constructed, Class A multifamily property, first Dallas MSA acquisition, and first Green Globes-certified acquisition.

Aspen at Mercer Crossing is an elevator-accessible, three- and four-story garden-style property delivered in 2019. The unit mix features studio to three-bedroom apartments, with large floor plans ranging up to 1.4k sf.

Common-area amenities include a swimming pool, fitness and yoga room, outdoor kitchen, covered foosball and ping pong tables, private gathering area, and dog park. The buyer is looking to add luxury services, car ports, and an outdoor exercise area.

“We have been working very hard to secure our first asset in Dallas. We expected it to be a Value Add investment in an older Class B or Class C property.” says David Fletcher, Managing Director and Head of Acquisitions of Excelsa. “When the Value Add market stalled in March, we pivoted to Core/Core Plus opportunities.”






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