Olympus Property on a Roll
- Sep 14, 2015
Olympus Property has acquired Wimberly at Deerwood, a Class A garden-style apartment community comprised of 322 apartment units in Jacksonville, Fla., for $43.5 million, from the Behringer Harvard Opportunity REIT II.
“Wimberly at Deerwood offers residents a unique combination of resort style living in one of the more sought after locations in Jacksonville,” Chandler Wonderly, Olympus Property’s co-founder, said in a prepared statement.
This is the fourth acquisition by Olympus Property in the Jacksonville market, joining the 262-unit Stovall at River City, 262-unit Mirador at River City and 480-unit Cape House Apartments. Wimberly is the second property to be added to Olympus Property’s fifth fund, WW Olympus Property V, L.L.C.
Brian Moulder, CBRE’s vice president, represented Behringer in the sale. The sellers had originally bought the property in 2013 for $35.5 million and made substantial renovations.
Interior amenities include nine-foot ceilings, crown molding, granite countertops, stainless steel appliances, electric stove, stainless steel undermount double sinks, double vanities, washer and dryer, screened private patio/balcony, exterior storage in the breezeway, intrusion alarms, walk-in closets, built-in wine racks and book cases.
Community amenities include a resort style swimming pool with Jacuzzi, poolside cabanas, outdoor kitchen with two grills, indoor basketball court, sand volleyball court, fitness center, movie theater with 60 seats, onsite car wash, and dog parks.
According to Colliers’ Northeast Florida Mid-Year Multi-Family Report, Jacksonville’s apartment sector maintained its ongoing trend of strong growth during the first half of 2015 as demand for apartments remained strong with the absorption of 1,938 units since January 2015 and a total of 2,548 absorbed over the past 12 months. The report cites that Jacksonville’s multifamily growth continues to be driven by the 30,000 plus new jobs that have been added over the course of the past several years.
Wimberly at Deerwood is situated on 33 acres in the heart of Jacksonville’s most desirable Deerwood submarket, ideally positioned within walking distance of two of Jacksonville’s top employers, Florida Blue and Merrill Lynch. The property is also in close proximity to the St. Johns Town Center, downtown Jacksonville, The University of North Florida, St. Vincent Hospital, and The Mayo Clinic.
In June, Olympus Property acquired the Tacara at Westover Hills apartment community in San Antonio.