Excelsa Closes $153M Fund

Fox Hunt Farm. Image courtesy of Excelsa U.S. asset manager Excelsa has closed its second…

Fox Hunt Farm. Image courtesy of Excelsa

U.S. asset manager Excelsa has closed its second U.S. multifamily fund with $153 million raised. From its launch in January the fund reached its $150 million goal by the end of March. The fund targeted family offices and high net worth individuals from the Middle East and the Gulf States. The new fund will focus on value-add multifamily and core plus properties across several U.S. states, including the Sunbelt states.

In the process of deploying its first $27 million, the fund, along with Excelsa U.S. Real Estate I LP, acquired Fox Hunt Farms in metro Charlotte, N.C., in December 2021, and Coventry Green in metro Charleston, S.C., in February 2022. These acquisitions took place during a pre-launch phase and through bridge loans from investors.

“Excelsa launched fundraising in January 2022 in the context of a war in Ukraine, turbulent markets and rampant inflation,” Khalil Hibri, head of business development for Excelsa, told Multi-Housing News. “A few of the investors we approached wanted to wait and see what would happen with the conflict. But the majority viewed multifamily as a safe haven. They were also attracted to the strong performance of previous Excelsa vehicles and the fact we invested $10 million in our own fund.”

Community Features

Situated at 355 Amistead Ave. in Fort Mill, S.C., Fox Hunt Farms is a 256-unit community featuring one- to three-bedroom apartments measuring 844 to 1,272 square feet in size. Apartments feature wood-style blinds, ceiling fans throughout, designer cabinetry, dual vanities and walk-in showers. An outdoor kitchen with grills is among the prominent common-area amenities at the rental property.

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Coventry Green is a 276-unit apartment community situated at 105 Gainesborough Drive in Goose Creek, S.C. The property features one- to three-bedroom apartments measuring from 799 to 1,380 square feet in size. Apartments feature energy-efficient appliances, dishwashers, frost-free refrigerators, private balconies and patios and programmable thermostats. A tranquil pond with fountain is among the amenities.

Established by Bassam Yammine, Excelsa began investing in multifamily properties in 2009. The firm has since acquired more than $420 million in U.S. real estate properties through direct investments and via its first multifamily-focused fund, Excelsa U.S. Real Estate I LP, its portfolio now encompassing 2,500 multifamily units. Two months ago, a multifamily report found Charlotte fundamentals stronger than ever.