Job Magnets Attract Olympus Property to Chattanooga
- Sep 21, 2016
Ooltewah, Tenn.—Olympus Property has acquired the Legends at White Oak in Ooltewah, Tenn., a suburb of Chattanooga. The property features 312 units in 16 three-story buildings, and was completed last year by locally based Belle Investment Co.
Common amenities include a salt-water pool with sun ledge, fitness center, two fully stocked fishing ponds, business center, billiards room, and a poolside cabana with fire pit. Units include open floor plans with nine-foot ceilings and balconies.
“Legends at White Oak is situated near major job drivers,” noted Ruyi Li, acquisitions manager for Fort Worth, Texas-based Olympus. Those nearby engines of growth include the nearby Volkswagen auto assembly plant and an Amazon distribution center.
Demand for apartments in greater Chattanooga is brisk, and it’s driving rents. Rent Jungle reported in August that the average apartment rent in the market had increased 3.4 percent over the previous six months. Prices for one-bedroom units jumped 5.4 percent and two-bedroom apartment rents rose 3.6 percent.
Legends at White Oak, for which the sale price was not disclosed, is the fourth property to be acquired by Olympus Property’s sixth fund. The investment structure will allow investors to diversify among numerous multifamily assets that provide immediate cash flow, according to Olympus.