Excelsa Properties has completed the $89.5-million sale of a five-property multifamily portfolio located in Gainesville, FL. The company acquired the Archer Road Portfolio for $42.6 million in August 2018.

The portfolio’s five properties were constructed in the 70s and early 80s and are near Shands Hospital and UF.

Archer Road Portfolio was the first acquisition of its Excelsa Properties’ maiden multifamily fund, Excelsa US Real Estate I, LP.

At acquisition, the asset had significant deferred maintenance. Excelsa invested $4 million in repositioning the properties and renovated about 25% percent of the portfolio’s 582 units, resulting in upgrades from Class C to Class B properties.

“In addition to the hard work and investment that went into transforming the properties, the sale benefitted from a white-hot FL multifamily market driven by population, job and wage growth,” said Jon Woods, CEO at Excelsa Properties.

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