Staff //February 16, 2022//
A foreign investor has purchased Coventry Green Apartments, a Goose Creek apartment community, for $52.7 million in an off-market transaction.
This is the second deal in two months for Excelsa U.S. Real Estate I LP and represents the firm’s 10th acquisition in the U.S., the company said in a news release.
Founded in 2001, Excelsa Properties is the U.S. real-estate investment arm of Excelsa Holding, an independent investment firm with operations in the United States and the Middle East. Excelsa Holding has close to $450 million in total assets under the company’s management.
The Lowcountry purchase includes Coventry Green’s 256 units with greenspace and a variety of amenities. Excelsa plans to spend more than $5 million to upgrade the property and increase its value, the company said.
“Goose Creek is part of the rapidly growing Charleston metropolitan area, with a labor force growing three times the national average, as the area attracts global manufacturers,” Excelsa Managing Director David Fletcher said in a statement. “Jobs and lifestyle will continue to drive resident demand for years to come.”
The company said the acquisition brings the Excelsa’s total U.S. purchases to approximately $350 million in multifamily properties nationwide.