JV Acquires San Diego’s Broadstone Corsair
- Sep 15, 2017
Olympus Property and Artemis Real Estate Partners have acquired Broadstone Corsair in San Diego. Rechristened Olympus Corsair, it is the 7th multifamily community investment for Olympus and Artemis. The 360-unit property is in San Diego’s Kearny Mesa enclave, one of the city’s largest job hubs and strongest rental markets.
Founded in 1992, Fort Worth, Texas-based Olympus Property is a fully integrated real estate investment firm that owns and manages properties in nine states.
The greatest upside of Olympus Corsair is that it features one of the best amenity packages of all properties in San Diego. The biggest drawback? “It was a drive to the beach,” Olympus Property senior investment officer Braden Barr told MHN. “We acquired the asset off market.”
The community’s high-end, Class “AA” condo-quality finishes include quartz and marble counters, stainless steel appliances, five-burner stove and wood plank flooring.
San Diego’s only LEED Gold-certified market-rate apartment community, Olympus Corsair features, as Barr noted, an unparalleled amenity package. On-site amenities include a resort-style pool with poolside cabanas inset with outdoor TVs, an indoor golf simulator room, a two-story fitness center with reclaimed parquet wood flooring and a private yoga/dance studio, clubhouse with demonstration kitchen, library and wet bar, green living wall and beautiful array of seven outdoor courtyard social spaces.
“We are pleased to be acquiring Olympus Corsair, one of the best-designed luxury multifamily properties in Southern California,” said Chandler Wonderly, Olympus Property principal.
“Our business began in California, and Olympus is proud to continue our growth in the beautiful city of San Diego.”
Added Rich Banjo, Artemis managing principal, “Southern California is one of our top target markets for long-term core multifamily investing. Fundamentals are strong with steady job and population growth and unusually high barriers to entry, which we believe should drive above-average operating performance and long-term value appreciation.
“Over time, we intend to aggregate a portfolio of high-quality, core multifamily properties similar to Corsair in Southern California.”