Olympus Property pays $119M for new Irvine resi complex

Sale of the 280-unit building stands as one of the highest in Orange County this year

Los Angeles /
Nov.November 28, 2018 04:00 PM
Chandler Wonderly and Anthony Wonderly

A multifamily firm based in Texas acquired a newly constructed apartment building in Irvine for $118.5 million, making it one of the largest sales in Orange County this year.

Olympus Property acquired the complex, called Fusion Apartments, from Georgia-based 360 Residential. The 280-unit building was completed earlier this year.

Located at 17321 Murphy Avenue, the property includes a pool, fitness center, barbecue grill, cabanas, garden and Koi pond. There’s also a 14,000-square-foot rooftop deck.

Torrance-based Withee Malcolm Architects designed the five-story complex, which sits on a 3.5-acre spread.

Stewart Weston, Dean Zander, John Montakab and Paul Berry of CBRE brokered the deal.

Olympus has a history of investing in Southern California properties. The firm, led by brothers Chandler and Anthony Wonderly, also owns the Olympus Corsair, a luxury residential community in San Diego.

Multifamily investors have been increasingly turning to Orange County. In late September, Brookfield Residential broke ground on a new mixed-use development in Stanton that will add 208 residences ranging from $400,000 to $600,000.


Related Articles

arrow_forward_ios
Western National Group CEO Michael Hayde and ASB Real Estate Investments CEO Robert Bellinger with the apartments (ASB, Western National)
ASB, Western National buy Inland Empire apartment complex for $227M
ASB, Western National buy Inland Empire apartment complex for $227M
Let’s make a deal: SF’s small landlords confront lost rent and vacancies
Let’s make a deal: SF’s small landlords confront lost rent and vacancies
Let’s make a deal: SF’s small landlords confront lost rent and vacancies
The lawsuit alleges that the property manager was a serial sexual harasser, frequently making unwelcome advances and surprise visits to female tenants’ homes and offering rent discounts in exchange for sex (DOJ, Getty)
Feds settle sexual harassment case with LA property manager, owner
Feds settle sexual harassment case with LA property manager, owner
The complexes at 310 and 315 South Virgil Avenue (Iconic Investments)
Xenon Investments buys 130 units in Koreatown for $41M
Xenon Investments buys 130 units in Koreatown for $41M
Trion Properties managing partners Max Sharkansky and Mitch Paskover (Trion Properties, iStock)
Trion Properties’ latest multifamily fund targets West, Southeast
Trion Properties’ latest multifamily fund targets West, Southeast
Jordan Slone of Harbor Group with the Olive Ridge complex (Harbor)
Harbor pays $47M for 220-unit complex in Pomona
Harbor pays $47M for 220-unit complex in Pomona
ShainRealty Capital managing partners Jonathan Shainberg and Elliot Shainberg (ShainRealty Capital)
ShainRealty Capital moves into Dallas with $46M purchase
ShainRealty Capital moves into Dallas with $46M purchase
Blackstone CEO Stephen Schwarzman (Getty, iStock)
Blackstone buys San Diego apartment complexes in $1B deal
Blackstone buys San Diego apartment complexes in $1B deal
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...