Excelsa Purchases Apartment Community in Columbia, Maryland for $78M

COLUMBIA, MD. — Excelsa Properties has acquired Columbia Pointe, a 325-unit multifamily community located at 5764 Stevens Forest Road in Columbia, approximately 20 miles southwest of Baltimore. Newmark represented the seller, Morgan Properties, in the $78 million transaction. Built in 1972, the 18-acre property features one residential tower and 14 garden-style buildings with apartments in one-, two- and three-bedroom layouts. Excelsa plans to invest $3.2 million in the renovation of about half of Columbia Pointe’s units that will include kitchen and bathroom upgrades. Occupancy at the time of sale was 95 percent.