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

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.

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