Olympus Pays $19M for Rancho Mirage

Olympus Property principal Chandler Wonderly tells GlobeSt.com that the class A asset at 1200 Hidden Ridge is a well-maintained asset in a great location. "Definitely not a value-add type of deal," he comments. "We like to pick up quality properties, and this was definitely it." Mark Stymiest, Bill Baxter and Rob Key with CB Richard Ellis' Dallas office handled the deal for both sides.

The buyer funded the acquisition with a 10-year fixed-rate Fannie Mae loan that carried a 5.67% interest rate. Wonderly says Olympus Property will invest a few dollars in tweaking parts of the complex's common areas and some interiors, though nothing major is planned. "We like this property a lot," he adds. "It's a long-term hold."

Situated on 11.9 acres, Rancho Mirage Apartments is 95% leased. The unit mix is made up of one- and two-bedroom apartments, measuring between 650 and 1,243 square feet. Rents are from $766 to %1,260 a month. The complex was built in 1991.

With Rancho Mirage under its belt, Olympus Property is actively looking for more acquisitions. Wonderly says the goal is to buy around two thousand more units by year-end and is targeting the west and southwest for potential purchase. Though there are a few likely assets in the pipeline, he comments, nothing is under contract.