Olympus Property Pays $36M for Arizona Asset

This is the second deal between Olympus Property and Chason Affinity Cos. Image courtesy of Yardi Matrix

Olympus Property has purchased Trailside Apartments, a 111-unit multifamily community in Flagstaff, Ariz., from Chason Affinity Cos. The asset traded for $35.5 million, involving a $22.5 million Fannie Mae loan arranged by Walker & Dunlop, according to public records. In January, the property became subject to a $24.1 million HUD loan with a 5.23 percent fixed rate, originated by Greystone, Yardi Matrix data shows.

Completed in 2020, the community comprises six two- and three-story buildings with studio, one- and two-bedroom floorplans ranging from 463 to 951 square feet. Apartments feature 9-foot ceilings, in-unit washers and dryers, ceiling fans, walk-in closets and private balconies or patios, along with detached garages for select layouts. Common-area amenities include an outdoor spa, a fitness center, barbecue grilling stations, a steam room and a clubhouse.

Located at 600 W. University Heights Drive N., the property is near interstates 40 and 17, as well as close to Route 66. The community is also less than 1 mile from Northern Arizona University, the largest employer in the region, and some 4 miles from the Flagstaff Medical Center.

This is the second deal between Olympus Property and Chason Affinity Cos. In 2020, the firm paid $28.8 million for the 160-unit Mountain Trail, also developed by Chason in Flagstaff, Yardi Matrix information shows.

Olympus currently owns 58 properties totaling more than 15,700 units across the U.S., according to the same data provider. One of the firm’s more recent acquisitions involved a luxury community in Jacksonville, Fla.