Olympus Property, a prominent multifamily owner and operator, has announced a significant expansion into the Miami market with the acquisition of Fifteen, a newly constructed 132-unit luxury apartment community. This strategic move into Miami’s Health District, a major medical hub, signifies Olympus’s commitment to high-demand, supply-constrained urban areas.
Strategic Expansion Into Miami’s Health District
Olympus Property has acquired Fifteen, a 132-unit luxury apartment community in Miami’s Health District. This marks the company’s first venture into the Miami market, a move that aligns with its strategy of targeting high-opportunity submarkets within major gateway cities. The Health District is recognized as one of the country’s largest medical hubs, offering consistent demand and population growth, which are favorable indicators for long-term multifamily performance.
Key Takeaways
- Olympus Property has acquired Fifteen, a new 132-unit luxury apartment community in Miami’s Health District.
- This acquisition represents Olympus Property’s entry into the Miami market.
- The Health District is a significant employment center with strong underlying fundamentals for multifamily real estate.
- The company aims to leverage its operational platform to enhance value and returns at the new property.
Fifteen: A Premier Residential Offering
Fifteen is designed to cater to professionals working within the Health District, offering an elevated living experience in a well-connected urban setting. The mid-rise community provides convenient, walkable access to leading healthcare institutions such as the University of Miami Health System, Jackson Memorial Hospital, and the Miami VA Medical Center. The upcoming Kenneth C. Griffin Cancer Research Center, slated to open in 2025, further enhances the district’s appeal. Residents also benefit from proximity to public transportation and various amenities, with easy access to major expressways connecting them to key commercial areas like Downtown Miami, Brickell, and Coral Gables.
Olympus Property’s Growth Trajectory
With over a decade of activity in Florida, Olympus Property has steadily expanded its presence across the state. The acquisition of Fifteen is a testament to the company’s ongoing strategy of identifying and investing in markets with strong growth potential and robust rental fundamentals. Olympus Property, established in 1992 and headquartered in Fort Worth, Texas, manages a substantial portfolio valued at over $8.5 billion, encompassing more than 35,000 units across 17 states. The company remains focused on high-growth markets, aiming to deliver exceptional living experiences and sustainable, long-term returns.
Sources
- OLYMPUS PROPERTY EXPANDS FLORIDA PORTFOLIO WITH ACQUISITION OF FIFTEEN IN MIAMI’S HEALTH DISTRICT, PR Newswire.