Olympus Property boosted its South Florida multifamily portfolio after acquiring a recently completed Miami project for $45.9 million.
An affiliate of Fort Worth, Texas-based Olympus, led by founder Chandler Wonderly, bought The Fifteen Miami, an Allapattah nine-story complex with 132 apartments at 1420 Northwest 15th Avenue, records and real estate database Vizzda show. The buyer obtained a $23 million mortgage from Freddie Mac.
Walker & Dunlop brokered the deal on behalf of the seller, Premium Development, the U.S. subsidiary of a Vienna, Austria-based firm of the same name. Premium bought the nearly 1-acre site for $3.6 million in 2018, and completed The Fifteen Miami last year, records show.
Premium began construction of The Fifteen Miami in 2021 after nabbing a $22.4 million loan, but the project languished due to a dispute with the general contractor and the developer. In 2022, Premium sued now defunct Proton Builders for breach of contract.
The complaint alleged that Proton caused numerous delays, failed to pay subcontractors, caused liens to be placed against the property and other alleged contract breaches.
Proton countersued, but the company went out of business while the litigation was pending. In 2023, Premium won a $10.3 million judgment against Proton, of which $3.6 million was paid by the general contractor’s surety bond company, court records show.
Miami-based Ortega Construction Company took over as general contractor of The Fifteen Miami. The complex features one- and two-bedroom apartments with rents ranging from $2,462 to $3,935 a month, according to Apartments.com.
Olympus Property, founded in 1992, owns dozens of multifamily projects in 17 states, including Florida, the firm’s website states. In Palm Beach County, Olympus Property owns Oceanside Lantana. In 2018, the firm paid $14.7 million for the garden-style community with 360 apartments in 14 buildings.
The same year, Olympus Property dropped $94.1 million for Eterno, another garden-style complex with 404 apartments in Pompano Beach.
