Olympus Property Grows DFW Portfolio

The new owner financed the acquisition of the 248-unit Olympus Team Ranch in Benbrook, Texas, with a $23.1 million, 10-year Freddie Mac loan.
Olympus Team Ranch. Image via Google Street View

After having recently sold the 332-unit Tradewinds at Willowbrook in Houston, Olympus Property has purchased the 248-unit Olympus Team Ranch in Benbrook, Texas, from Adams LaSalle Realty, according to Yardi Matrix data. Newmark Knight Frank originated a $23.1 million, 10-year Freddie Mac acquisition loan for the new owner, Tarrant County records indicate.

Located at 8889 Cook Ranch Road, the community is adjacent to both the Interstate 820 Loop and Interstate 20, with retail and dining options, as well as residential properties nearby. The asset is a mile from the Defender Outdoors Clay Sports Ranch, 5 miles from the Whitestone Golf Club and roughly 12 miles southwest from downtown Fort Worth.

Completed in 2004 on a 15.5-acre site, the 12-building property comprises one-, two- and three-bedroom apartments with floorplans ranging from 760 to 1,313 square feet. Common-area amenities include a fitness center, pool with sun deck, covered outdoor grill area and business center. As of April, the asset was 97.2 percent occupied, according to Yardi Matrix.