The Birchwood Apartments were built in 2002. An affiliate of Excelsior led the acquisition effort in 2003 including a renegotiation and assumption of a HUD-insured mortgage. Excelsior Group assumed Asset and Property Management responsibilities in June 2005. During this time, Excelsior has been able to outperform the submarket in terms of both rent and occupancy.
In 2011, Excelsior took advantage of an opportunity to secure favorable long-term financing terms by refinancing with HUD-insured debt. Excelsior led the refinance effort and positioned the ownership group for dependable, long-term cash flow.