Excelsior Communities acquires Webster properties
Excelsior Communities, a multifamily and commercial property management company based in Rochester, recently announced the acquisition of the 100-unit Preserve at Wood Creek and the 104-unit Ridgewood Apartment Homes in Webster from Bob Morgan and Landers Communities.
Preserve at Wood Creek, 639 Preservation Trail, and Ridgewood Apartment Homes, 1045 Floribunda Way, include two- and three-bedroom townhome apartments with attached garages, balconies and private entries. Both communities were purchased at 100% occupancy.
Previously acquired from Morgan was Waters Edge, a 345-unit waterfront apartment community on Empire Boulevard, which closed last August.
Excelsior plans on immediate renovations to both properties, including updates to community spaces and surrounding landscaped areas. As units become vacant, Excelsior will renovate unit interiors.
Terms of the purchases were not disclosed.
“We are pleased to announce these acquisitions and to continue to grow our footprint in the well-positioned Webster market,” said Ami Notis, president of Excelsior Communities. “We are excited to provide potential residents with an expanded offering of townhome apartments and have already begun plans to enhance the experience of current residents in these communities.”