Olympus Grows Southeast Footprint with GA Purchase
The asset is located in the highly sought-after Savannah Quarters submarket, offering access to retail, shopping and dining, as well as proximity to employers to employers such as Gulfstream Aerospace Corp..
Olympus Property has purchased Carrington Square, a 288-unit multifamily property in Pooler, Ga. The asset will operate as Olympus Carrington effective immediately. The purchase marks the first apartment community to be added to Olympus Property‘s seventh fund, which will provide a geographically diverse mix of multifamily assets throughout the U.S. that will offer investors stabilized cash flow over time.
Located at 280 Blue Moon Crossing, the community offers one-, two- and three-bedroom units ranging in size from 810 to 1,276 square feet. Property amenities include a fitness center, clubhouse, playground, swimming pool, business center and 450 parking stalls. Situated in the highly sought after Savannah Quarters submarket, the asset offers convenient access to high-end retail, shopping and dining, as well as proximity to key employers, such as the Gulf Stream headquarters. “Olympus Carrington is in the epicenter of one of the most desirable submarkets in Savannah offering proximity to shopping, dining, employment, downtown Savannah and the airport,” Ruyi Li, senior acquisitions manager at Olympus Property, said in a prepared statement.
According to data provider Yardi Matrix, the property traded for $30.5 million back in 2013, being acquired by The Shoptaw Group from JES Holdings. The sale was subject to a $21 million loan held by New York Life Insurance Co., which is due in 2020.
“Efficiently managed multifamily real estate provides one of the most tax effective dividend investments for long term investors,” Braden Barr, senior investment officer at Olympus Property, said in prepared remarks.
Images courtesy of Yardi Matrix