Olympus Property Acquires 350-Unit TX Community
- Aug 02, 2018
Olympus Property, which recently sold Kenwood Club at the Park in Katy, Texas, has picked up a new Katy multifamily property—Vista at Grand Crossing, a Class A, garden-style community with approximately 350 units near Interstate 10.
“As the economy continues to grow in Houston, we project strong rent growth and demand for Class A multifamily to continue to expand. Olympus Grand Crossing offers a unique opportunity to capitalize on this trend and upgrade our portfolio in the process,” Chase Bennett, director of acquisitions at Olympus, said in a prepared statement.
Built in 2015, the property has been renamed Olympus Grand Crossing. Located in the northwest quadrant of Grand Parkway and Kingsland Boulevard in the center of Katy’s most affluent neighborhoods, the community has access to the Houston Energy Corridor and numerous lifestyle amenities in the Katy area.
Olympus said the apartment community has direct access to breezeway garages, wood-style flooring in all units, gourmet kitchen prep islands in select units, 42-inch custom home cabinetry and quartz countertops with stone backsplashes. Community amenities include a pool, fitness center, business center, clubhouse, picnic area, dog park and bocce ball court.
“Olympus Grand Crossing is a premium addition to our latest Fund 8, offering investors a diversified opportunity to invest directly alongside our firm,” Braden Barr, senior investment officer with Olympus Property, said in prepared remarks.
Growth for Olympus
Founded in 1992, the Fort Worth, Texas,-based firm owns and manages more than 17,000 units in multifamily communities across 10 states.
In early May, Olympus launched its eighth fund with the acquisition of three multifamily communities, adding 869 units to its portfolio. The communities are: Alta Steelyard, now called Olympus Steelyard, in Chandler, Ariz.; Sundance Creek in Midland, Texas, and Sedona Ranch in Odessa, Texas.
The firm purchased Crossing at Daybreak, a Class A 315-unit garden-style community near Salt Lake City, in March. The property has a mix of two- and three-story buildings and is located within the 4,000-acre, master-planned community of Daybreak in South Jordan. That acquisition marked Olympus’ move into the Utah market and its 10 U.S. state.
In September, Olympus teamed up with High Street Residential, a subsidiary of Trammell Crow Co., to develop the third phase of Union at Carrollton Square in Carrollton, Texas. Union III, expected to be completed later this year, will add 352 one- and two-bedroom apartments to the 311 units already in place at the multifamily community.