JV Lands 3 Dallas-Area Communities
- Mar 02, 2017
Keller, Texas—Olympus Property and Artemis Real Estate Partners recently announced the closing acquisition of their fourth multifamily joint venture, the Keller Portfolio. Olympus Town Center (formerly known as Dominion Town Center), Olympus Stone Glen (formerly known as Lakes of Stone Glen) and Olympus Waterford (formerly known as Waterford Glen) are three Class A properties that total 679 units in Keller, a Dallas-Fort Worth suburb. The Stoneleigh Cos. originally developed the three assets.
Located at 1300 Keller Parkway, Olympus Town Center features 276 units. The amenity package includes a swimming pool, a fitness center and 500 parking spaces. According to Yardi Matrix data, the property last sold in 2013 for $34 million.
Olympus Stone Glen is located at 300 Bourland Road and has 216 units. Amenities include a swimming pool, a clubhouse, a spa, a fitness center and 450 parking spaces. Stoneleigh Cos. purchased the asset for $21 million, back in 2013.
Located at 400 Bourland Road, Olympus Waterford features 187 units. A fitness center, a media room, a swimming pool, 364 parking spaces and a clubhouse are among the amenities. Currently, the occupancy here is 98.9 percent.
“Keller is a strong rental market with the portfolio representing some of the best locations and highest quality assets in the submarket. The portfolio is ideally positioned to offer residents seeking top schools, great amenities and proximity to employment centers a variety of options across the three properties,” said Liah Chin, vice president of Artemis Real Estate Partners, in a prepared statement.
All three assets provide residents access to schools, the airport, as well as both Dallas and Fort Worth in a submarket that is known for scarcity of land, rising construction costs and increasing restrictions on multifamily developments. The area features a plethora of nearby job drivers, including the regional economic powerhouse known as Alliance Texas and a master-planned development spanning 18,000 acres that employs 44,000 people. Moreover, the corporate campuses of Schwab, Deloitte and Fidelity that employ an additional 2,500 people are also nearby.
Images courtesy of Yardi Matrix