Olympus Property Acquires Carrington Square in Savannah
Wednesday, May 3rd, 2017
Olympus Property continues to expand in the Southeast with the acquisition of Carrington Square in Savannah, Georgia. The community will undergo a name change effective immediately to Olympus Carrington.
Olympus Carrington at Savannah Quarters is the first apartment community to be added to Olympus Property's seventh fund, WW Olympus Property VII, LLC. The fund will provide a geographically diverse blend of several multifamily assets throughout the United States to provide investors stabilized cash flow over time. The fund is looking to add two more properties currently under contract within the next month.
"Efficiently managed multifamily real estate provides one of the most tax effective dividend investments for long term investors," said Braden Barr, Senior Investment Officer at Olympus Property.
Olympus Carrington is a 288-unit Class "A" apartment community completed in 2007. Located within the highly desirable submarket of Savannah Quarters, the upscale community includes the exclusive Savannah Quarters Country Club featuring a Greg Norman Signature golf course.
Olympus Carrington will offer residents immediate access to high-end retail, shopping, and dining as well as proximity to major job drivers, including the Gulf Stream headquarters. The completed Savannah Quarters project will feature four hotels surrounding a resort-style water recreation area, office space and a main street retail component. Plans for an amphitheater space and a Publix grocery store on Blue Moon Crossing are also underway.
"Olympus Carrington is in the epicenter of one of the most desirable submarkets in Savannah offering proximity to shopping, dining, employment, downtown Savannah, and the airport," said Ruyi Li, Senior Acquisitions Manager at Olympus Property.
Featured community amenities include a Resort-Style Swimming Pool, Modern Club House and Leasing Center, Gated Access Entry, State-of-the-Art Fitness Facility, Community Playground, Detached Garages, Outdoor Entertainment Area, Picnic Areas with Gas Grills, Pet Walk Stations, and Spacious Sundecks.