Excelsa Properties Closes on Second Florida Multifamily Property; Buys the 216-Unit Oasis Naples

Excelsa Properties Closes on Second Florida Multifamily Property; Buys the 216-Unit Oasis Naples
Features July 11, 2025| | Amy Wolff Sorter
Florida & Gulf Coast + Apartment Buildings
David Fletcher

Excelsa Properties acquired the 216-unit Oasis Naples, marking its second Florida buy in a year. The Bethesda, MD buyer shook hands with seller T.E. Miller Development (operating as Oasis Naples Apartments LLC) on the deal. Excelsa U.S. Real Estate II, LP (EUSRE II) and an Excelsa co-investment vehicle bought the asset as a value-add opportunity.

JBM Institutional Multifamily Advisors brokered the transaction between the buyer and the seller. The purchase price was not released; however, Collier County property records show that the apartment community at 2277 Arbour Walk Circle in Naples sold for $40.92 million. At closing, occupancy stood at 96.3%.

According to David Fletcher, Excelsa Properties Managing Director and Head of Acquisitions, the company will invest $7 million in upgrades. “We plan to fully renovate all 216 units with upgraded flooring, countertops, fixtures and smart-home features,” Fletcher told ApartmentBuildings.com. “We will also make exterior improvements, including landscaping and amenity upgrades.” Excelsa plans to hold the asset for five to seven years.

Built in 1992, Oasis Naples consists of 18 two-story buildings with one-and two-bedroom units. Community amenities include a pool, lounge areas, a clubhouse, a coffee station and a 24-hour fully equipped fitness center.

Fletcher said that Oasis Naples was an ideal investment for Excelsa because it was acquired below replacement cost. “The property represents a classic value-add opportunity. It offers significant upside through targeted interior and exterior upgrades, as it remains undercapitalized relative to its full market potential,” he added.

EUSRE II’s first Florida deal was the July 2024, $61.6 million acquisition of the 477-unit Drake at St. Pete, at 1699 68th St. N in St Petersburg, FL. “Similar to Oasis Naples, The Drake offered an opportunity to unlock significant upside through targeted capital improvements and operational efficiencies in a market with strong fundamentals,” Fletcher said. He added that Excelsa is sourcing and evaluating opportunities in Florida and other Sun Belt markets.

“Our investment ‘sweet spot’ lies in value-add multifamily assets priced between $50 million and $150 million, typically located in markets with favorable demographic trends, limited new supply, and strong demand drivers such as job and population growth,” Fletcher said. He added that capital will continue to be deployed from EUSRE II, while plans are in the works to launch Excelsa US Real Estate III, LP, toward the end of 2025.

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