Olympus Property Scores Community in Savannah, Ga.
- Oct 14, 2016
by Evelina Croitoru
Savannah, Ga.—Olympus Property has announced the purchase of Century at Fenwick, a luxury apartment community in Savannah, Ga. The property was acquired from Centennial Holding Co. at a yet undisclosed purchase price, according to YardiMatrix. The name of the propriety will be changed to Olympus Fenwick.
The 448-unit Class A apartment community was completed in 2008, occupying 37 acres of land in a strategic location in the Savannah-South submarket. Property amenities include two swimming pools, clubhouse with a business center, two fitness centers and 642 parking stalls. The apartments feature high-end finishes, faux-granite countertops, crown molding, double-basin stainless steel sinks and other upgraded facilities.
The newly-acquired property is in close proximity to employers like Gulfstream, Mitsubishi, the Port of Savannah, multiple health care employers, and more than 26,000 active military. In addition, the community has street exposure on Ogeechee Road, State Route 25 and US Route 17.
“Olympus Fenwick offers residents an attractive property and a central location only 15 minutes from downtown Savannah, a city that we have a strong affinity for,” Chandler Wonderly, principal of Olympus Property, said in a prepared statement.
The deal marks the fifth property to be added to the company’s Fund VI. The investment structure will allow investors to diversify among numerous multifamily assets, providing immediate cash flow. “Fund VI offers the opportunity to diversify across four states in five strong cash flowing assets,” Braden Barr, senior investment officer at Olympus Property, said in prepared remarks.
Centennial Holding Co. acquired the property back in 2007 for roughly $47.4 million from Focus Management, according to YardiMatrix data.
Image Courtesy of YardiMatrix