The acquisition of Westchase Forest at 11355 Richmond Ave. is the first Houston one for the Pantego, TX-based company. "Location was the biggest thing for us there," comments Christopher Bailey, Olympus Properties' director of acquisitions. "We're looking for mid-to-late 1990s product, and had just purchased Rancho Mirage (in Las Colinas, TX).

Bailey tells GlobeSt.com that the Westchase area in which Westchase Forest is located is similar to Las Colinas, a suburb of Dallas, in that both are near affluent, single-family residential areas, are near major country clubs and are high-traffic areas. Furthermore, "there were a lot of employment drivers we felt had a solid financial basis on this asset," Bailey remarks.

The 98%-occuped Westchase Forest was built in 1999. The average unit size is 841 square feet, with rents at $1.09 per square foot. The seller was represented by Craig LaFollette's team at Holliday Fenoglio Fowler LP's Houston office. Financing was arranged by Jay Wagley and Chris Wong with CBRE Capital Markets.

With Westchase Forest solidly in Olympus Properties' portfolio, attention is now being turned to the next closing, which is anticipated to take place in late October. Bailey says the company has a 316-unit asset in Phoenix under contract.

"This is a B asset," he says of the pending transaction. "It's a straight real estate play to where we can get our feet on the ground, a management team in place and pursue more acquisitions in that market."