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Jax Daily Record Thursday, Jul. 19, 201805:30 AM EST

Investor pays $42M for Hawthorne Apartments

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Olympus Property boosts local holdings to four complexes.
by: Jay Schlichter Staff Writer

A Texas-based real estate investment firm acquired a 239-unit apartment complex in the Baymeadows area last week for $42 million.

As the new owner of The Hawthorne Apartments, built in 2013, Olympus Property, parent of the WW Hawthorne LP buyer named on the deal, now has four multifamily rental complexes in Jacksonville. 

The company, headquartered in Fort Worth, Texas, also owns Wimberly at Deerwood, Mirador and Stovall at River City and Cape House Apartments along Hodges Boulevard, and dozens of other properties throughout the country.

Chase Bennett, the director of acquisitions at Olympus, said the company has a “pretty big presence” in Jacksonville and that it plans to be long-term holders of the property. 

The company intends to “revamp” the Hawthorne Apartments and build small additions. Bennett didn’t provide details of those renovations or additions.

The complex, at 8150 Point Meadows Drive off Baymeadows Road west of Interstate 295, offers one-, two- and three-bedroom units in a gated community with a pool and 24-hour gym.

Olympus paid about $175,500 a unit.

The previous owners, Raia Capital Management, have a portfolio of about 3,000 apartments in Alabama, Florida, Missouri, South Carolina and Tennessee, according to the company’s website. The company, based in Ramsey, New Jersey, didn’t return calls for comment.

Raia purchased the property in May 2015 from the original owners, Glenmont Arlington Twin Lakes LLC, for $35.2 million.

In the latest sale, Olympus agreed to assume Raia’s mortgage on the property, which has an unpaid principal of $23.5 million.

Olympus was founded in 1992 by brothers Chandler and Anthony Wonderly, according to the company’s website. 

They initially bought properties in California and expanded, boosting their portfolio to more than 17,000 units. 

They also own complexes in Texas, Oklahoma, Tennessee, Arizona, Arkansas, Georgia, Utah and New Mexico.

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