PHOENIX, AZ - Olympus Property is proud to report the acquisition of Cactus Forty-2, a brand new "Class A" apartment community comprised of 200 units and located in the commercial heart of Paradise Valley in Phoenix, Arizona. This acquisition is taking place only weeks after acquiring Renaissance Village at Shadow Lake in Houston, Texas and Tacara at Westover Hills in San Antonio, Texas.
Cactus Forty-2 is comprised of 200 garden style luxury apartments. The property is located on 4.5 acres in the highly sought after "upmarket" Paradise Valley. Completed in 2014, Cactus Forty-2 features a resort style pool and spa, outdoor kitchen, a social gathering space with an outdoor fireplace, a newly designed clubhouse featuring a "living wall," a state-of-the-art fitness center complete with on-demand fitness classes, covered parking, and gated entry to the community. Residents enjoy easy access to the hiking and biking trails of the Phoenix Mountain Preserve, Camelback Mountain and McDowell Mountains. Additionally, the property is adjacent to Stonecreek Golf Club, which was named "Arizona's Best Kept Secret" by the Golf Channel.
Centrally located in north Paradise Valley, Cactus Forty-2 is in close proximity to both Scottsdale and downtown Phoenix. The property is situated 1.5 miles east of State Route 51, which provides direct access to Central and Downtown Phoenix, as well as to the Southeast Valley via Loop 202 or Interstate 10. The property is a 10-minute drive to Kierland Commons, Scottsdale Quarter, Desert Ridge Marketplace and 20 minutes to Sky Harbor International Airport. The neighborhood surrounding Cactus Forty-2 contains 1.2 million square feet of office space. There are over 375 commercial properties within 5 miles of Cactus Forty-2 including "Class A" office, medical, industrial, and retail centers. In addition, the property is a five-minute drive to the Arizona Biomedical Corridor, which is expected to create over 30,000 jobs at build out. The combination of employers, retailers, and recreation opportunities make this submarket highly desirable to potential Phoenix residents.
"Cactus Forty-2 is a property that rarely becomes available in the Phoenix market and we could not be happier to be expanding our portfolio into the Paradise Valley area of Phoenix," stated Olympus co-founder, Anthony Wonderly.
The property features eight well-appointed floor plans including 88 one bedroom one bath units and 112 two bedroom two bath units. Unit amenities include nine-foot ceilings, granite countertops, wood plank style flooring, Shaker-style cabinets, stainless steel appliances, designer accent walls, marble vanities and full sized washers and dryers. Selected units have large soaking bath tubs with subway-style tile surrounds and private balconies/patios. Overall, Cactus Forty-2 offers residents a beautiful high-end "Class A" living experience conveniently located near many major employment centers within a highly desirable neighborhood of Phoenix.
Cactus Forty-2 is the sixth property to be added to Olympus Property's fourth fund, WW Olympus Property IV, LLC. The investment structure will provide investors an opportunity to diversify among six to seven "Class A" multi-family assets in strong markets throughout the United States. The opportunity is available immediately for new investors and offers an attractive return with an experienced owner/operator.