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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TAMPA, FL – Robbins Property Associates, a vertically integrated multifamily owner operator, has partnered with a repeat private equity limited partner to buy Century Cross Creek. The expansive 297-unit complex was completed in 2008 and 2014. The property, which was re-branded The Parq at Cross Creek, is located in the quick-growing New Tampa/Tampa Palms submarket.
The property is centrally located with ease of access to Interstate 75, via Morris Bridge Road or Bruce B. Downs Boulevard, which provides access to over 17.7 million square feet of corporate office space within a twelve-mile radius. The area provides a high proportion of healthcare, finance, and education jobs, including USAA, Coca-Cola, multiple hospitals, and the University of South Florida.
“New Tampa/Tampa Palms is a dynamic submarket that has rapidly transformed over the past two decades and continues to experience strong population and job growth,” said Neal Herman, Managing Director of Investments at RPA. “The property is well-built, and as a testament to the Tampa MSA’s resiliency, the property’s operations maintained strong collections and occupancy during 2020.”
The Parq at Cross Creek features spacious floor plans, open kitchen layouts, 9-foot ceilings, and expansive screened-in porches. RPA’s comprehensive value-add program will include upgrading unit interiors to include sleek quartz countertops, modern tile backsplashes, stainless-steel appliance packages, and wood plank flooring.
Community amenity upgrades will highlight a complete renovation and expansion of the clubhouse and leasing center and an expanded 24-hour state-of-the-art fitness center. Additionally, RPA will modernize the resort-style pool by adding a screened-in patio lounge and summer kitchen.
“There is strong demand from renters for upscale garden-style apartments in the New Tampa area,” said Kristi King, Chief Operating Officer & Principal of RPA. “The Parq at Cross Creek offers residents the kind of space, comfort, and amenities they expect in the Tampa market. Our renovations will significantly change the look and feel of the community and resident experience.”

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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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