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.

Related Article

Mill Creek Residential CEO William MacDonald and Modera West LA (Credit: iStock)

One of nation’s biggest apartment builders scores $165M refi on West LA development

From left: Canyon Crest Views Apartments and Sunset Ridge Apartments

Multifamily investor Afton Properties adds nearly 1K units to portfolio

Blackstone CEO Stephen Schwarzman and TruAmerica CEO Robert Hart

Blackstone digs deeper into SoCal with massive rental portfolio buy

5800 Green Valley Cir, Culver City (Credit: Google Maps)

Jones & Jones buy multifamily property in bustling Culver City

Daniel Wrublin (right), principal of Dalan Management and Gregory Fowler, managing partner at FPA Multifamily with The Vue Apartment Homes in San Bernardino

A strong industrial market in San Bernardino is spurring a multifamily boom

Michael Sorochinsky, Steven Fifield, Mike Parrell, and Next on Sixth

Big deal: Sam Zell’s Equity Residential buys 398-unit Koreatown resi complex

(Credit: Wikicommons)

More than 10K new apartments hit the LA market in 1 year. That wasn’t enough

JPI CEO Brad Taylor and a rendering of the South Gate project

JPI lands big loan for South Gate’s first apartment project in 30 years