HOUSTON, TX - Olympus Property announced the acquisition of Renaissance Village at Shadow Lake, a 624-unit luxury "Class A" apartment community located in a high growth submarket of Houston, Texas.
Renaissance Village offers residents a premier location in the fastest job-generating region of the Houston metropolitan area and is in close proximity to Phillips 66's new headquarters. Situated in the prime Westchase District and a ten-minute drive to the Energy Corridor, this submarket collectively features more employment opportunities than Downtown Houston. The submarket currently employs nearly 200,000 individuals with 26,000 more jobs projected in 2015.
Renaissance Village provides its residents with a unique combination of urban proximity and spacious resort style living. Built in two phases in 1998 and 1999, the asset spans an impressive 28 acres. Each phase is comprised of high-end amenities including a picturesque lake, an expansive clubhouse, a stunning swimming pool with sundeck, a state-of-the-art fitness center, and an outdoor stone fireplace.
"This will be the third addition to our portfolio in the Westchase submarket where we also own Mandalay at Shadow Lake directly across the street. We believe in the growth story of Houston and our home state of Texas," stated Olympus co-founder, Chandler Wonderly.
Olympus is planning a $2.5 million renovation project to transform the property and provide residents with an improved living experience. The renovation plan will include upgrades to the interiors of the units, major improvements to the clubhouse, new fitness center equipment, and enhancements to the pool areas. In addition, Olympus will be changing the name to "The Ranch at Shadow Lake" to better represent the Texas charm the property will offer its residents.
The spacious floor plans include 372 one bedroom one bath units, 180 two bedroom two bath units, and 72 three bedroom two bath units. Units feature nine-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.
Co-founder Anthony Wonderly said, "We continue to expand in our home state of Texas as its phenomenal growth continues to make the market attractive. We are proud to be acquiring such a beautiful asset given our familiarity with the market."
Renaissance Village is the fourth property to be added to Olympus Property's fourth fund, WW Olympus Property IV, LLC. The investment structure provides investors the opportunity to diversify among six to seven "Class A" multi-family assets in strong markets throughout the United States. The opportunity is available immediately for new investors and offers an attractive return with an experienced owner/operator.