LAUREL, MD. — Excelsa Properties has acquired Concord Park at Russett, a 335-unit multifamily property located at 7903 Orion Circle in Laurel, a suburb of Baltimore. The undisclosed seller sold the value-add property to Excelsa US Real Estate II LP and an Excelsa co-investment vehicle for $105.5 million. The buyer assumed an in-place, interest-only loan on the property that was underwritten with a fixed 3.4 percent interest rate and has six years of term left. Excelsa supplemented the loan with a fixed-rate, interest-only loan with a similar maturity date that has a weighted average interest rate of 3.7 percent.
The company also plans to make $4.4 million in capital improvements to Concord Park at Russett, including a new roof, HVAC systems, new signage, parking garage repairs, new kitchen appliances and hardwood flooring, among other improvements. Existing community amenities include a resort-style swimming pool, clubhouse with a fireplace, business center, theater room, fitness center, yoga and HIIT training studio, library and a business lounge.