Olympus Buys Metro Phoenix Asset for $95M
IPA Capital Markets secured a $52 million Freddie Mac acquisition loan.
Olympus Property has acquired Alta Chandler at The Park, a 291-unit luxury community in Chandler, Ariz., for $94.5 million. The seller, Wood Partners, brought the property online this January. Institutional Property Advisors represented the seller and procured the buyer.
In addition, IPA Capital Markets arranged an 8-year, $52 million acquisition loan for Olympus. Manufacturers and Traders Trust Co. originated the Freddie Mac, interest-only financing, according to Yardi Matrix information.
Comprising three four-story buildings across more than 6 acres, Alta Chandler at the Park encompasses studio, one-, two- and three-bedroom floorplans ranging between 488 and 1,507 square feet.
Apartments feature contactless readers for entry, dedicated work-from-home spaces, tech packages and 9-foot ceilings. Community amenities include a swimming pool with tanning deck, a speakeasy lounge, coworking spaces and a gym, as well as EV charging stations.
IPA’s Steve Gebing and Cliff David represented the seller and procured the buyer. In addition, the firm’s Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Zarouk of the Capital Markets team secured the loan.
Changing hands in Chandler’s rental market
Located at 1333 W. Parklane Blvd., the community is less than 2 miles from Chandler’s downtown area, as well as roughly 6 miles south of U.S. Route 60 and 9 miles east of Interstate 10. Employers such as Intel, Wells Fargo, Northrop Grumman and NXP Semiconductors are all within a 5-mile radius. Providing access to retail, entertainment and dining options across more than 220 stores, the Chandler Fashion Center is less than 3 miles away.
With this purchase, Olympus’ footprint expanded to more than 780 units owned in Chandler and some 2,100 units in metro Phoenix, Yardi Matrix data shows. The asset traded for $324,742 per unit, above the average $318,885 per unit recorded in The Valley so far this year.
Chandler was Phoenix’s fifth most voluminous submarket last year through November, with a transaction volume of $177 million, according to a Yardi Matrix report.
