Excelsa Properties has completed the sale of Bend at Oak Forest (Bend), a 392-unit value-add multifamily property located in the Northwest/Oak Forest submarket of Houston.
Excelsa US Real Estate I, LP (EUSRE I) acquired Bend in a joint venture deal with GoldCor Capital Partners (GoldCor) in June 2019, representing the second addition to the EUSRE I portfolio. It is a garden-style, suburban, multifamily property constructed in 1972.
During the hold period, Excelsa and GoldCor executed a deep value-add program, rebranding the property and hiring new management.
The team improved landscaping, repaired roofs, parking areas and added patio slats, as well as refurbished 57 units by replacing floors, replacing cabinets, and installing granite countertops. A green energy program was also implemented changing lighting, thermostats, and plumbing fixtures.