Olympus Property Expands Arizona Footprint
- Nov 17, 2016
Chandler, Ariz.—Olympus Property has announced the purchase of Vive, a 194-unit community in Chandler. The deal marks the second Olympus purchase in Chandler, following the acquisition of Elevation Chandler in September 2015. Financial details of the transaction have not been disclosed.
Located at 1901 W. Germann Road, the 194-unit community built in 2014 is situated on more than 10 acres of land within the South Price Corridor, which is home to major employers including Intel, Wells Fargo, Orbital ATK, PayPal, Infusionsoft and GM Financial. The property features one-, two- and three-bedroom units and features a fitness center, business center, clubhouse, resort pool with spa, cinema room, an outdoor fireplace with seating and 360 parking stalls.
“Vive’s location offers expansive opportunity to nearby technology and finance jobs in the South Price Corridor of Chandler. The name of the town made the acquisition an easy decision,” Chandler Wonderly, principal of Olympus Property, said in a prepared statement.
The transaction marks the sixth apartment community to be added to Olympus Property’s sixth fund, an investment structure that offers investors an opportunity to diversify among numerous multifamily assets throughout the U.S. “Fund VI offers investors a highly attractive, geographically diverse blend of stabilized multifamily assets with strong immediate cash flow,” Braden Barr, SIO of Olympus Property, added in prepared remarks.
According to Yardi Matrix data, the property is subject to a $22.4 million loan originated by Connecticut General Life Insurance Co. with an undisclosed maturity date.
Image courtesy of Yardi Matrix