Olympus Property Expands in Salt Lake City
- Jul 23, 2019
Olympus Property has acquired Promenade at the District, a Class A community with 170 units in the Salt Lake City suburb of South Jordan, Utah. Built in 2012, the property at 11391 South River Heights Drive consists entirely of townhomes with attached garages.
The price and seller have not been disclosed, but Yardi Matrix records indicate that Woodbury Corp. was the previous owner, after buying the asset from Garbett Homes in 2013. Upon the latest sale, the property has been renamed Olympus at the District.
Olympus Property plans to spend $800,000 in addition to the existing build-outs to enhance the unit interiors, make exterior and clubhouse improvements and add a pet park. Interior improvements will include adding smart home features, ceiling fans and a lighting package.
Units in the 22-building, garden-style community have an average size of 1,326 square feet within buildings that are three stories high. Community amenities include a fitness center, two swimming pools, clubhouse and playground areas. The units come with modern upscale features including vaulted ceilings and full-size washers and dryers, as well as one- or two-car direct access garages.
Tapping the Silicon Slopes
Chase Bennett, director of acquisitions at Olympus Property, noted in a prepared statement that the company was drawn to the asset because of its unique townhome design and closeness to both employment and entertainment centers. The community is adjacent to The District, a large mixed-use retail and office development, and offers immediate access to Bangerter Highway, with a direct route to the Salt Lake City International Airport.
The property is also roughly 15 miles south of downtown Salt Lake City and within the high-tech industry hub known as Silicon Slopes, which includes major employers from Adobe to Goldman Sachs. The South Jordan economy employs 32,000 people, according to Data USA, with a population of more than 65,500 in 2017, growing more than 4.4 percent from 2016. The median age is 32.7 and the median household income was last reported at nearly $100,000.
Olympus Property, which has a portfolio of more than 17,000 multifamily units across 10 states, is not new to South Jordan. The company purchased Crossing at Daybreak, a Class A garden-style community at 4950 W. Frogs Leap Drive, in February 2018. According to Yardi Matrix, Olympus Property paid $65.6 million to acquire the 315-unit asset from TruAmerica Multifamily.
The property within the 4,000-acre, master-planned community of Daybreak, less than two miles west of Olympus at the District, was rebranded as Olympus at Daybreak.