Taking Advantage of ‘Phenomenal Growth’ in Texas
- May 28, 2015
Houston—Olympus Property has acquired Renaissance Village at Shadow Lake, a 624-unit luxury Class A apartment community located in Houston, and will be rebranded as The Ranch at Shadow Lake.
This is the company’s third acquisition in the Westchase submarket, as it also owns Mandalay at Shadow Lake, located directly across the street from Renaissance Village and the Tradewinds at Willowbrook Apartments.
“We continue to expand in our home state of Texas as its phenomenal growth continues to make the market attractive,” Anthony Wonderly, Olympus Property’s co-founder, said. “We are proud to be acquiring such a beautiful asset given our familiarity with the market.”
The Ranch at Shadow Lake consists of 372 one-bedroom, one-bath units, 180 two-bedroom, two bath units, and 72 3-bedroom, two-bath units. All units feature 9-foot ceilings, two-tone paint, garden tubs, full size washer and dryer connections, and expansive patios. In addition, residents are given the option of black or stainless steel appliances, wood-style flooring and detached garages.
The community was built in two phases in 1998 and 1999, and is situated on 28 acres. Amenities include a picturesque lake, an expansive clubhouse, a swimming pool with sundeck, a state-of-the-art fitness center and an outdoor stone fireplace.
Olympus is planning a $2.5 million renovation project to transform the property and provide residents with an improved living experience. Scheduled improvements include upgrades to the interiors of the units, major improvements to the clubhouse, new fitness center equipment and enhancements to the pool areas.
Situated in the prime Westchase District and a 10-minute drive to the Energy Corridor, the community is located in one of the top job-generating regions of the Houston metropolitan area and is in close proximity to Phillips 66’s new headquarters.
Overall, the submarket currently employs nearly 200,000 individuals with 26,000 more jobs projected in 2015.