Texas-based property management firm Olympus Property expands its multifamily Phoenix portfolio with the acquisition of Vive in Chandler, Arizona. Vive is the second purchase in Chandler, Arizona as Olympus recently acquired the Elevation Chandler property in September 2015.
Vive is the sixth apartment community to be added to Olympus Property’s sixth fund. The investment structure provides investors an opportunity to diversify among numerous multifamily assets throughout the United States.
“Fund VI offers investors a highly attractive, geographically diverse blend of stabilized multifamily assets with strong immediate cash flow,” said Braden Barr, Senior Investment Officer at Olympus Property.
Institutional Property Advisors Senior Director Steve Gebing and Cliff David, a senior director of Marcus & Millichap’s National Multi Housing Group in Phoenix, represented the seller and procured the buyer, Olympus Property.
Vive is a 194 unit Class “A” apartment community completed in 2014. The asset is situated on over 10 acres in the strategic location of the South Price Corridor submarket. Featured property amenities include a 24-hour state-of-the-art fitness center, resort pool with spa, clubhouse with billiard table, cinema room and an outdoor fireplace with seating. Interior amenities include some of the most premier finish outs in the entire Chandler submarket.
As Arizona’s most prominent home of innovation and economic prosperity, the 1,442-acre Price Corridor, split into a north and south section by the Loop 202, is located adjacent to Vive. This burgeoning high-technology center is only 46 percent built out, currently housing over 32,000 employees with expectations of 75,000 employees at build-out.
The South Price Corridor features noteworthy employers including Intel, Wells Fargo, Orbital ATK, PayPal, Infusionsoft, and GM Financial. The North Price Corridor plays host to Microchip Technology, Bank of America, GM Arizona IT Innovation Center, CVS Health, SanDisk, and Pearson Education.
Vive enjoys a strong resident base of highly educated, high-income wage earners, primarily due to the property’s close proximity to Chandler’s expansive high-tech employment corridors.
“Vive’s location offers expansive opportunity to nearby technology and finance jobs in the South Price Corridor of Chandler. The name of the town made the acquisition an easy decision,” joked Chandler Wonderly, principal of Olympus Property.