DALLAS–Olympus Property has purchased The Woodlands, a 256-unit apartment community in Tyler, TX. This purchase is the fourth made by WW Olympus Multifamily I, one of the company’s real estate investment vehicles. The acquisition price was not disclosed.
Olympus executives say the property was a “fantastic acquisition target because of its value-add potential, central location, and strong current returns.” Plans are in place to enhance the unit interiors.
The Woodlands is located at 400 Old Grande Blvd. The community consists of one- and two-bedroom units, ranging in size from 566 square feet to 946 square feet. Unit amenities include walk-in closets, patios/sunrooms and wood-burning fireplaces. Community amenities include a swimming pool, business center, fitness center and covered parking.
WW Olympus Multifamily I has targeted class A and B, garden-style apartment communities that have both a strong cash flow and appreciation upside in growth markets. The entire fund will consist of six to eight properties, which are newer construction and host between 200 and 500 units. The purchase of The Woodlands is the fourth acquisition for the fund. Olympus now manages more than 8,000 units across eight states, including Texas, Oklahoma, Tennessee and Arizona.
“This acquisition is an incredible milestone for Olympus Property as we break the 8,000 unit mark and continue a trend of strong growth within the Texas market,” says Co-founder, Chandler Wonderly.