Thursday, November 20, 2014

Olympus Property Acquires Mosaic in downtown Dallas


Olympus Property is proud to announce the acquisitions of Mosaic in downtown Dallas. This image displays the pool deck area with stunning views of downtown Dallas.
Olympus Property, founded in 1992, is a fully integrated real estate investment firm, which is focused on the acquisition, management and timely disposition of high quality multi-family communities. Over its 22-year history, the company has become a successful and recognized name in the multifamily industry. Olympus currently owns and manages over 9,000 units across 8 states including TexasFloridaOklahomaArizonaSouth Carolina,TennesseeGeorgia, and California
SAN FRANCISCO and DALLASNov. 19, 2014 /PRNewswire/ -- Olympus Property is proud to announce the acquisition of The Mosaic, a 440-unit luxury urban high-rise apartment community located in downtown Dallas. The Mosaic is composed of two connected residential towers consisting of 21 and 32 stories respectively, with a nine-story parking structure attached.
The buildings were originally home to the Fidelity Union Life Insurance Company. The 21-story tower was built in 1952 and the 31 story second tower was added in 1962. In 2006 and 2007, Mosaic was completely renovated and redeveloped into 440 luxury apartment units and rechristened as The Mosaic in honor of the green tile overlaying the facade.
The development offers residents the highest quality amenities and features a 120-foot infinity pool and spa overlooking the Dallas cityscape, an outdoor movie theater, a gas fire pit with an outdoor kitchen, a fitness center, a lounge room, billiards area, and a cigar lounge/poker room.  
The property's spacious floor plans include 285 one-bedroom one-bath units and 148 two-bedroom two-bath units. Additionally, it contains 7 penthouse units with one, two and three bedroom floor plans. Select units feature exposed brick and ceilings with polished concrete floors providing a modern loft-style aesthetic. Kitchen cabinets are stained wood with dark granite countertops and stainless steel Whirlpool appliances.
Olympus Property co-founder Anthony Wonderly is thrilled to be entering the downtownDallas market. He stated, "Mosaic is a huge milestone for Olympus Property. The Mosaic is our first high-rise and located close to our corporate headquarters. We know this market extremely well and feel strongly about the growth and revitilization in downtown Dallas."
Chandler Wonderly, co-founder and Anthony's brother commented further, "Mosaic is a top of the market asset and will be a shining star in our portfolio.  With our multi-million dollar renovation package, Mosaic will shine even brighter."
The Mosaic is the second property to be added to Olympus Property's fourth fund, WW Olympus Property IV, LLC. The structure will offer investors an opportunity to diversify among five to six Class "A" multifamily assets in strong markets throughout the United States. The opportunity is available for new investors immediately and offers an attractive return with an experienced owner/operator.