Excelsa Properties has recently acquired Pear Ridge, a 168-unit multifamily property located at 4753 Old Bent Tree Lane in Dallas. This marks the fifth successful acquisition of a multifamily property for Excelsa US Real Estate II, LP and the 18th across its portfolios.
Originally built in 1986, Excelsa Properties plans to invest $4.3 million into upgrading Pear Ridge. These renovations will include new kitchen fixtures, flooring updates, plumbing improvements and ceiling fan installations. The exterior of the community will also see upgrades such as roof repairs, boiler maintenance work and fresh paint jobs. Other enhancements include concrete repairs to walkways and stair systems as well as HVAC fixes and landscaping updates.
Pear Ridge is comprised of twelve buildings within a gated community that offers residents access to amenities such as a swimming pool, clubhouse with business center services available around-the-clock fitness facilities laundry rooms storage spaces transportation options lounges for relaxation purposes.
With this latest addition to their portfolio , Excelsa Properties has now acquired over $610 million worth of U.S.-based multifamily properties since they began investing in this market back in 2009 .
According to Jonathan Woods from Excelsa Properties: “We are constantly on the lookout for potential acquisitions that offer attractive risk-adjusted returns which align with our goals here at Excelsa US Real Estate II.”
