TYLER, TX - Olympus Property announces the acquisition of The Woodlands, a beautiful 256 unit living community in Tyler, Texas. The Woodlands is the fourth property to be added to a uniquely positioned real estate investment vehicle: WW Olympus Multifamily I, LLC. The new structure has targeted exclusive opportunities of Class A and B garden style apartment communities with strong cash flow and appreciation upside in unique growth markets.
We identified Woodlands as a fantastic acquisition target because of its value-add potential, central location and strong current returns. The seller owned the property for almost a decade and left Olympus with a great value add opportunity through enhanced unit interiors and the managerial expertise and oversight Olympus brings to each of its investments. The central location is in the heart of the vibrant Tyler retail corridor, where the strengthening economy is reflected in new development and job growth. The high current yield is amplified by the accretive debt Olympus qualifies for, and will satisfy our investor's expectations throughout the hold period.
Olympus Property, founded in 1992, is a fully integrated real estate investment firm, which is focused on the acquisition, management and timely disposition of high quality multi-family communities. Over its 22 year history, the company has become a successful and recognized name in the multifamily industry with properties across 8 states including California, Georgia, Florida, Texas, Oklahoma, Arizona, South Carolina, and Tennessee. This acquisition is a milestone for Olympus Property bringing the total number of units under management to over 8,000.
Co-founder, Chandler Wonderly states, "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."
WW Olympus Multifamily I, LLC will be composed of six to eight unique apartment communities, each complementing the portfolio and offering compelling synergies of performance to our investors. All properties are of newer construction, composed of 200 to 500 units, and cash flow positive from the first day of investment.