Olympus Property Buys Houston-Area Luxury Asset
- Dec 14, 2018
Olympus Property has acquired Echo at Katy Ranch, a Class-A garden-style community in Houston’s growing Katy submarket, from Steadfast Cos. The 260-unit property, which was rebranded as Olympus Katy Ranch, changed ownership for approximately $30 million, according to data provided by Yardi Matrix.
Located at 24929 Katy Ranch Road, Olympus Katy Ranch comprises 15 buildings spread on 14 acres. One hundred of its apartments feature two-story designs with direct-access garages. Amenities include a pool with spa, six gas grills, fireside lounge, resident clubroom with TVs, billiards room, 24-hour fitness center with circuit and core training equipment and gated bark park.
Features and finishes of apartments include gourmet bar kitchen with pendant lighting, granite countertops, brushed nickel plumbing, hardwood-style floors, private balconies, garden bathtubs walk-in closets, in-home washer-dryer and detached garages.
“Olympus maintains a longer-term view of the markets,” said Chase Bennett, director of acquisition at Olympus Property, in prepared remarks. “Olympus Katy Ranch is located in a booming submarket of Houston and offers attractive long-term value and upside for our investors and our firm.”
Katy is among Houston’s most popular suburban areas with qualities that include excellent school district, inviting residential neighborhoods and a major employment hub within the Energy Corridor, 10 miles from Olympus Katy Ranch. The third largest job hub in the Houston metropolitan area, the Energy Corridor features a number of national and global energy conglomerates, health care companies, engineering firms, chemical companies and financial services providers.
Olympus Katy Ranch is the company’s 12th purchase this year. Almost 4,000 high-quality apartment units have been added to its overall portfolio in 2018.
Image courtesy of Olympus Property