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