A Texas investor has bought The Wimberly at Deerwood Apartments — an asset the company described as “resort style living in one of the more sought after locations in Jacksonville” — for $43.5 million.
Olympus Property, based in Fort Worth, Texas, picked up the luxury apartments at 9727 Touchton Road from the Behringer group, a Dallas-based real estate investment trust.
Built in 2000, the 322-unit Wimberly at Deerwood complex is within walking distance of the Florida Blue and Merrill Lynch campuses and close to the St. Johns Town Center.
“Wimberly is a top-tier asset that we are proud to be adding to our Jacksonville portfolio,” Olympus Co-founder Anthony Wonderly said in a news release.
Founded in 1992, Olympus Property describes itself as a fully integrated real estate investment firm, and a “recognized name” in the multifamily industry. The company currently owns and manages 11,000 units across eight Southern states from California to Florida.
The Wimberly at Deerwood is a Class A garden-style apartment complex that features a resort style swimming pool with Jacuzzi, poolside cabanas, outdoor kitchen with two grills, indoor basketball court, sand volleyball court, fitness center, movie theater with 60 seats, on-site car wash and dog parks.
The property was 96 percent leased at the point of sale, according to Behringer.
Upgrades to the units and common areas had allowed the company to raise rents and capture an 18 percent return on investment in two and a half years, the company reported.
“We have been very pleased with the performance of Wimberly at Deerwood, and the high demand in Jacksonville’s real estate market made this an opportune time to offer the property,” said Tom Kennedy, president of Behringer Harvard Opportunity REIT II, Inc. said in a news release.
It’s the fourth acquisition for Olympus Property in the Jacksonville market. The others include Cape House Apartments, Mirador at River City Apartments, and Stovall at River City Apartments.