Excelsa Properties has acquired Concord Park at Russett, a 335-unit multifamily property in Laurel, Maryland for $105.5 million. The company will invest $4.4 million to upgrade the property with improvements to the roof, HVAC system and parking decks as well as installing new appliances and tech packages.
David Fletcher, director at Excelsa Properties commented on this acquisition: “Concord Park at Russett is located in the sixth-largest metropolitan area in the U.S., with no current multifamily projects planned in the area and a median household income well above national average” He added that “the property’s tremendous connectivity to entire Baltimore-Washington area combined with its large units and extensive amenities make it highly desirable location for residents.” This marks Excelsa US Real Estate II’s fourth purchase of multifamily properties since 2019 totaling nearly $600 million across U.S..
