Olympus Property Nabs 2 Multifamily Assets in DFW
- Aug 12, 2016
Fort Worth, Texas—Olympus Property has expanded its DFW apartment portfolio with the acquisition of Mansions at Woodbridge, which the company renamed Olympus Woodbridge, in Sachse, Texas, and The Davis in Fort Worth. Together the assets kick off Olympus Property’s sixth fund, WW Olympus Property VI LLC.
Built in 2014, Olympus Woodbridge is a garden-style community comprising 381 units on more than 18 acres. According to Olympus Property, it’s close to two of DFW’s largest employment centers, the CityLine Development and the Telecom Corridor. Sachse is a northern suburb of the DFW area.
Olympus Woodbridge is the final property to be added to Olympus Property’s fifth fund. “Woodbridge offers an excellent cash flow to our partners,” said Anthony Wonderly, co-founder of Olympus Property.
Completed this year, The Davis is a garden-style community totaling 392 units across 23 acres. The property is within walking distance of American Airlines headquarters and directly influenced by the DFW Airport Employment zone, the investor noted.
Though there’s a large pipeline of apartments in development in DFW, the market remains hot, and rents are still going up. In fact, Dallas rents have been increasing about three times the national average this year, according to Apartment List. Between June and July, DFW rents increased by 0.3 percent, and were up 6.6 percent year-over-year.
Image courtesy of Yardi Matrix