FLAGSTAFF, AZ – Olympus Property announces the successful acquisition of Mountain Trail, a garden style Class-A multifamily community in Flagstaff, Arizona.
Mountain Trail is strategically located at the intersection of Interstate 40 and 17, Flagstaff’s primary thoroughfares, only 150 miles north of Phoenix. It is the only multifamily community in the Flagstaff market with direct-access garages, which is a well loved demand in colder climate cities. Community amenities include a large hot tub and fireplace, state-of-the-art fitness center, sauna room, putting green, and hiking and jogging trails. Mountain Trail homes feature 9-foot ceilings, stainless steel appliances, granite countertops, plank flooring, and smart home technology.
“Mountain Trail is one of the most desirable assets within the Flagstaff market due its superior location and unique direct-access garage design. The lack of supply and government restrictions in Flagstaff in turn make this an appealing opportunity to our Partners and Olympus,” said Chase Bennett, Director of Acquisitions.
The city of Flagstaff is a flourishing market that is seeing expanding growth for those seeking a quieter alternative to Phoenix – so much so that Flagstaff made USA today.com’s 2018 list of “Ten Best Places to Avoid Noise, Light, and Air Pollution.” Flagstaff is the primary educational, commercial, and cultural center for northern Arizona including a large number of High Tech and Development Industries. With more than 44% of residents holding a bachelor’s degree or higher, it is Arizona’s most educated workforce. All within five miles of Mountain Trail are the city’s largest employers: the 3rd largest university in the state North Arizona University (3,500 jobs), Gore Creative Technologies (3,000 Jobs), and Flagstaff Medical Center (2,000 jobs). Known as the city of seven national wonders, Flagstaff offers everything from the Grand Canyon National Park to the San Francisco Peaks which includes the Arizona Snowbowl, one of Arizona’s only two ski resorts just 30 minutes north of property. Additionally, just three miles from the property is Aspen Place at Sawmill, a retail center anchored by Whole Foods Market and REI.
Founded in 1992, Olympus Property owns and manages some of the most desirable multifamily opportunities across the United States. Olympus Property is headquartered in Fort Worth, Texas. Over a 28-year history, the firm has become a successful and recognized name in the multifamily industry owning and operating approximately 17,000 units across ten states.

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LAUREL, MD – Mission Rock Residential, a Denver-based multifamily property management company, is further expanding its northeast regional presence, announcing a new management contract for The Views at Laurel Lakes Apartment Homes in Laurel, Maryland. Formerly named “The Point,” the company has been issued an agreement for the management of the apartment community by new owner Hamilton Zanze.
“The lifestyle offered at The Views at Laurel Lakes stands apart from the surrounding residential options with the comfortable and updated apartment interiors, and outdoor-centric amenities including a unique two-level swimming pool. We’re thrilled to enhance the resident experience for all current and prospective residents,” said Patricia Hutchison, President of Mission Rock Residential.
The community offers 308 apartment homes and is located conveniently midway between Baltimore and Washington. Residents have simple access to Interstate 95, the Laurel MARC commuter rail station, and these major urban centers. The community offers noteworthy amenities such as a two-level pool, outdoor grill areas, a 24-hour fitness center, and direct lake access. This access is especially notable given the property’s silent, park-like setting.
Each individual apartment home includes a washer and dryer, stainless-steel appliances, wood-burning fireplaces, and a private patio. All bathrooms and kitchens feature new cabinetry and countertop surfaces and updated energy efficient light fixtures thanks to a recent renovation undertaken across the complete property.
While a largely residential community, Laurel is home to a historic Main Street district along with significant retail presence. In addition to its simple access to Baltimore and Washington D.C. for employment opportunities, Laurel is also host to several major employers. The Department of Defense is a prominent presence in the Laurel area, with the Fort Meade Army base, the National Security Administration, and Johns Hopkins’ Applied Physics Laboratory all located nearby. Laurel Park, a thoroughbred horse racetrack, is also located just outside the city limits.

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NEW YORK, NY – CIM Group announced that Related Fund Management has bought 265 – 275 Cherry Street, two 26-tale towers with 490 units in Manhattan s Lower East Side in the Two Bridges community. CIM sold the approximately 450,560-rentable-square-foot property with L+M Development Partners, its joint venture partner. The land parcel located at 260 Cherry Street was not included in the sale.
265 – 275 Cherry Street is a fully-leased, Section 8 housing community originally built in 1979, which features one-, two-, and three-bedroom units. Amenities include an on-site community room, a convenience store, and outdoor courtyards with playgrounds. The property is well located off FDR Drive, on the East River Esplanade in close proximity to public transportation including trains and buses with the nearest subway stop just two blocks away.
In 2014, L+M and CIM voluntarily entered into a 40-year regulatory agreement to preserve the asset as affordable housing for low-income households. Driven by the belief that every person deserves a quality home, Related is committed to maintaining and operating 265 – 275 Cherry Street as high-quality affordable housing.
Related has a long and proud history in affordable housing which has been a foundational element of the company since its formation. The company started exclusively as an affordable housing developer in 1972 and today is one of the largest private developers and preservationists of affordable and workforce housing in the country.
For more than 25 years, CIM has been an owner, operator, developer, and lender of real assets across North America, enhancing the communities in which it invests. For more than 10 years, CIM has been actively investing in New York City including properties such as 432 Park Avenue condominiums, 11 Madison office building, 15 William condominiums, 1440 Broadway office building, 16 Court office building, The Dominick Hotel, Front & York residential and retail development in DUMBO, and 111 Montgomery condominiums in Crown Heights.
Cushman & Wakefield represented both the seller and buyer in the transaction.

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