Olympus Property Acquires Suburban Austin Community

Sherman Residential, the previous owner, purchased the asset in 2016 for nearly $32 million.
Carrington Oaks. Image courtesy of Olympus Property

Olympus Property of Fort Worth, Texas and RSE Capital Partners of Washington, D.C., have acquired Carrington Oaks, a garden-style community in Buda, Texas, from Sherman Residential. The suburban city is located 15 miles south of downtown Austin, Texas. 

Built in 2015, the 11-building, 308-unit Class A community covers 23 acres at 1278 Cabelas Drive. Sherman Residential acquired the asset in 2016 from JCI Residential for nearly $32 million, or $104,579 per unit, according to Yardi Matrix data.

Carrington Oaks’ unit mix comprises one- to three-bedroom floorplans ranging from 625 to 1,275 square feet. The apartments feature high ceilings, washer and dryers, garden tubs, walk-in closets, double vanities, pet yards, as well as balconies and patios with outdoor storage. Common-area amenities include a swimming pool, poolside seating and cabanas, a fitness center, a spinning room, a clubhouse with fireplace, billiards and lounge areas, a theater room, a business center, outdoor grills, a pet park, a playground and 606 parking spaces.

The Texas State Legislature has named Buda “The Outdoor Capital of Texas”.  The city boasts quality schools, including one public school system—Hays Consolidated I.S.D., and four private schools. In addition, the University at Texas Austin and Texas State University are located within 20 and 15 minutes, respectively.