Olympus Property Expands California Footprint with 179-unit West Hollywood, CA Acquisition
FORT WORTH, Texas, March 17, 2023 — Olympus Property is pleased to announce the acquisition of Angelene Apartments, a 179-unit apartment community located in West Hollywood, California. Established in 1992 with a steadfast vision of becoming a leader in the multifamily real estate industry, Olympus Property boasts a wealth of experience and a hands-on approach throughout the investment process. The company’s portfolio represents over 27,000 units under ownership and management. Olympus Property is currently invested in fourteen states including Arizona, California, Colorado, Florida, Georgia, Idaho, Montana, New Mexico, North Carolina, Tennessee, Texas, Utah, Wyoming, and Kentucky.
Angelene Apartments offers a rare generational opportunity to own a mixed-use Class A community in one of Los Angeles’ most highly coveted neighborhoods. Built in 2016, the property is located in the epicenter of the world’s entertainment capital and is within a three-minute walk of over 1.5 million square feet of restaurants, bars, and shops along Melrose Avenue. Residents have incredible access to Los Angeles’ most prominent employment centers including Hollywood/West Hollywood, Beverly Hills, Century City, Culver City, Westwood, Santa Monica, and Downtown LA. The project is anchored by 33,500 sq. ft. of ground floor retail currently occupied by Sprouts Farmers Market, one of the fastest growing national retailers.
The acquisition of Angelene Apartments is an exciting opportunity to own and operate a newer vintage asset in one of the region’s most supply constrained markets. “Angelene will be our first acquisition in the highly sought after West Hollywood market,” notes Chase Bennett, Executive Managing Director at Olympus Property. “It’s an exceptionally built property paired with strong market fundamentals, as well as an extremely limited development pipeline. This asset will continue to create value for our investors and Olympus for years to come.”
This state-of-the-art community distinguishes itself with an extensive hotel-style amenity package including a pool deck and clubhouse overlooking West Hollywood, an abundance of outdoor common areas, and a fully equipped fitness center. Apartment homes feature open living spaces and large windows with well-designed and spacious floorplans in a mix of studio, one-, two-, and three-bedroom configurations. Interiors include a curated list of high-end amenities including stainless-steel appliances, quartz countertops, modern cabinetry, 9 ft. ceilings, full-size stackable washers and dryers, and hardwood-style plank flooring.
Derrek Ostrzyzek, Tom Moran, Rachel Parsons and Mike Murphy of Berkadia Institutional Solutions completed the sale on behalf of the institutional seller. Additionally, Tucker S. Knight of Berkadia’s Houston Texas office arranged acquisition financing through Freddie Mac on behalf of Olympus Property.
SOURCE Olympus Property