Olympus Property Grows Florida Portfolio with Panhandle Purchase

The 36.6-acre community was completed in 2020. Image courtesy of Olympus Property

Olympus Property has acquired Primrose, a 288-unit Class A property along the Florida Panhandle in Santa Rosa Beach, Fla., from Crest Residential. The Fort Worth-based buyer purchased the community for $83.5 million, or $290,000 per unit.

Yardi Matrix data, which reported the seller and sales price, noted that Olympus secured a $54.8 million Fannie Mae loan originated by Walker & Dunlop for the acquisition.

Located at 15 Blue Cove Drive, the 36.6-acre northwestern Florida multifamily community was completed in 2020 and was 90.3 percent occupied at the time of the sale. The property is situated a few blocks from beaches along the Gulf of Mexico, part of the state’s Emerald Coast, and close to 30A, the road connecting many beach towns, including Destin and Panama City, Fla. Nearby amenities and attractions include Grand Boulevard at Sandestin shopping mall, Sandestin Golf & Beach Resort and Sacred Heart Hospital.

Primrose offers a mix of one-, two- and three-bedroom residences, including townhouse and carriage units. These options range in size from 553 to 1,909 square feet, averaging 980 square feet. Rents range from $1,696 to $3,680, with an average of $2,204, according to Yardi Matrix data. Units have high-end finishes, including chef-inspired designer kitchens with prep islands and full-size washers and dryers.

Community amenities include two saltwater pools, private poolside cabanas, a poolside entertainment deck with an outdoor grilling kitchen and fire pits, a gaming lawn, fully-equipped cardio and flex gym, resident lounge, coffee/espresso bar and coworking spaces. There are 444 total parking spaces, including covered parking, which is available for an additional monthly fee. Detached garages are also available for an additional fee and the property has electric vehicle charging stations.

An acquisition-heavy year

Primrose is located near another Olympus, Olympus Emerald Coast, a 282-unit community in Destin. The company acquired that community in June 2021. Olympus, which owns more than 31,000 units across 14 states, acquired another Florida property this summer, purchasing Presidium Town Center, a 370-unit luxury multifamily community in Jacksonville, Fla., from Presidium Group. According to Yardi Matrix data and Duval County records, Olympus acquired the asset, which was completed in 2021, for $97.5 million.

The firm has been active in other parts of the country in recent months as well. In September, Olympus acquired Aiya, a 360-unit newly-built garden-style community in Gilbert, Ariz., for $112 million. A month earlier, Olympus purchased Trailside Apartments, a 111-unit community in Flagstaff, Ariz., for $35.5 million. This past spring, the company expanded its presence in Georgia with the acquisition of Capital Crest at Godley Station, a 203-unit luxury community in Savannah, Ga.