Olympus Property Acquires Carrington Oaks Outside of Austin, Texas
FORT WORTH, Texas, Dec. 3, 2019 /PRNewswire/ -- Olympus Property announces the successful acquisition of Carrington Oaks. This garden style Class A project was completed in 2015 and was sold to a partnership of Olympus Property of Fort Worth, Texas and RSE Capital Partners of Washington, DC. The asset is located in the city of Buda, a suburb of Austin, Texas.
Carrington Oaks is strategically located fifteen miles south of downtown Austin. The property is in close proximity to two major universities including University of Texas at Austin with 51,000 students and Texas State University in San Marcos with 38,000 students. The city of Buda, which the Texas State Legislature named "The Outdoor Capital of Texas," hosts an affluent demographic base with a median age of 34 and an average annual household income of over $90,000.
The city of Buda is in Hays County which has experienced tremendous growth over the past decade. Hays County has grown approximately 42% from 2010 through 2018 making it the fastest growing county in Texas and the fourth fastest growing county in the country.
"Olympus is acquiring Carrington Oaks at an attractive basis in one of the fastest growing markets across the country. This deal checks all of the boxes as we continue to expand Olympus in our home state of Texas," said Chandler Wonderly, Principal of Olympus Property.
Carrington Oaks community amenities include a resort style pool with cascading fountains, poolside seating and cabanas, state-of-the-art fitness center, spinning room, clubhouse with fireplace, billiards, and lounge areas, large theater room with leather recliners, executive business center, outdoor propane and charcoal grills, pet park, playground, gated entrance, detached garages and covered parking. Unit features include 9 ft. ceilings, stainless steel appliances, granite countertops, full-sized kitchen pantries, kitchen islands/breakfast bars, wood vinyl flooring, track and pendant lighting, washer and dryer, garden tubs, ceramic tile bath surround, large walk-in closets, double vanities, pet yards, balconies and patios with outdoor storage.
"Carrington Oaks is a beautiful property located near Austin, one of the fastest growing cities in the United States. The economic expansion in this market will provide sustained rent growth and appreciation which in turn will deliver strong returns to both our Partners and Olympus," said Chase Bennett, Director of Acquisitions.
For the third year in a row, Austin was ranked the #1 Best Place to Live by U.S. News and World Report. A booming economy, growing job market, high quality of life and low cost of living make Austin a sought-after city. Austin has earned the nickname "Silicon Hills" because it is a major employment base for technology companies such as Apple, Dell Computer, IBM, Intel, AMD, National Instruments and Samsung. Over the past decade the area has enjoyed a sustained period of economic and population expansion as local companies increase their business capacity and others relocate to this attractive central U.S. location.
Founded in 1992, Olympus Property owns and manages some of the most desirable multifamily opportunities across the United States. Olympus Property is headquartered in Fort Worth, Texas. Over a 26-year history, the firm has become a successful and recognized name in the multifamily industry owning and operating 17,000 units across nine states.
To learn more about diversifying your portfolio with Olympus Property, please contact Braden Barr at 817-505-0528 or at [email protected].
SOURCE Olympus Property
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