FORT WORTH, TX – Olympus Property announces the expansion of their Texas portfolio with the acquisition of Boulevard at Frisco Square. The community will undergo a name change effective immediately to Olympus Boulevard. 

Olympus Boulevard is the third apartment community to be added to Olympus Property’s seventh fund, WW Olympus Property VII, LLC. This fund provides a geographically diverse blend of several multifamily assets throughout the United States to provide investors stabilized cash flow over time.

“Olympus Boulevard is located in one of the strongest job growth submarkets in the United States. The deal was bought on an attractive basis with plenty of room for upside,” said Chase Bennett, Senior Acquisitions Manager at Olympus Property.

Completed in 2009, the 282-unit luxury mid-rise community is strategically located along the Dallas North Tollway growth corridor, specifically within Frisco’s $5 Billion Mile and north of Legacy Business Park. These two job centers include the United States’ highest concentration of suburban corporate America coupled with the strongest high wage job growth tale within the country. 

The Boulevard at Frisco Square is located within Frisco Square, a master-plotted development funded in part by the City of Frisco. Frisco is currently ranked as the second fastest growing city in the country with a median household income more than twice the national average at $123,055. Since 1991, Frisco has lured over 200 companies to the area, making and sustaining over 24,000 new jobs and billions of dollars of community investment.

“Olympus Boulevard is a core asset in Frisco, one of the top submarkets in Dallas-Fort Worth, our home base.  The property is located in the heart of Frisco Square, a unique live/work space that will continue to flourish as the growth tale in Frisco continues,” said Anthony Wonderly.

Olympus Property, founded in 1992, is a fully integrated real estate investment firm based in Fort Worth, Texas. Over its 25-year history, the company has become a successful and recognized name in the multi-family industry.  Olympus currently owns and manages over 14,000 units across nine states including Texas, Florida, Oklahoma, Arizona, Arkansas, Tennessee, Georgia, New Mexico, and California. 

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FORT MYERS, FL – TruAmerica Multifamily in partnership with MSD Capital, L.P., has bought Sienna at Vista Lake, a 640-unit multifamily community in Fort Myers, FL.

With Sienna at Vista Lake, TruAmerica’s Florida portfolio now totals 1,648 units with properties in Orlando, Boynton Beach and Fort Myers.

Built in 1991 as two 320-unit communities on adjacent parcels, the properties were combined and rebranded as Sienna at Vista Lake in 2010.  The 35-acre garden-style community at 3701 Winkler Avenue features 32 three-tale residential buildings offering a mix of one- and two-bedroom floor plans.  Common area amenities include two resident clubhouses, each with its own swimming pool, spa and fitness center; dog park; basketball court; tennis court; sand volleyball court and scenic lakeside jogging trail.

“Sienna is a well located property that has benefited from institutional ownership for nearly a decade,” said Matthew Ferrari, East Coast Director of Acquisitions for TruAmerica.  “We were able to buy the property at a significant discount to replacement cost in a market that is demonstrating very strong multifamily fundamentals.”

Fort Myers has become one of the fastest growing cities in the United States, as people migrate to the area for new jobs being made primarily in the healthcare, construction, research and consulting industries.  This healthy job growth has driven the region’s unemployment rate down to 4.5 percent, according to Temperamental’s Analytics. Despite the influx of people moving into the region, Fort Myers has seen limited new multifamily construction to support the growing population. 

This is TruAmerica’s fourth investment with MSD Capital. The partnership’s value-add portfolio now includes more than 2,500 multifamily units in Florida, Nevada, Maryland and California.

“MSD Capital continues to see attractive opportunities in repositioning older multifamily assets,” observed Barry Sholem, head of MSD Capital’s real estate group. “We are pleased to be growing our TruAmerica platform.”

TruAmerica will implement a multimillion-dollar value-add program that will include stainless steel kitchen appliances, new lighting, plumbing fixtures, countertops and cabinet fronts in the bathrooms and kitchens as well as hard-surface flooring throughout the units.  New washers and dryers also will be installed in homes that currently do not have them.  Improvements to the property also will include modest exterior upgrades to the landscaping, signage and lighting to improve the overall image of the property.

Yitzi Karasick and Ido Gelerman, through their company, Liquid Capital Real Estate, also participated in the transaction. Liquid Capital Real Estate is a New Jersey-based real estate company specializing in repositioning underperforming multifamily properties in primary and secondary markets throughout the U.S.

TruAmerica leveraged the acquisition with attractive seven-year floating rate financing through Freddie Mac’s Green Up program, which was arranged Holliday Fenoglio Fowler.

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LANSING, MI – EdR, one of the nation’s largest developers, owners and managers of high quality collegiate housing communities, announced the opening of SkyVue, a new pedestrian-to-campus community serving Michigan State University (MSU) and downtown Lansing, Mich. In 2017, EdR will deliver nearly $300 million in assets to its owned portfolio and nearly $100 million in third-party developments.

“We anticipate with its location pedestrian to both the MSU campus and downtown Lansing, SkyVue will become a well loved center that will bridge both communities,” said Randy Churchey, EdR’s CEO.

The 824-bed wrap-style, mixed-use community, built in a joint venture with RISE: A Real Estate Company, offers floor plans in one-, two- and four-bedroom configurations with more than 4,000 square feet of retail space.

“The grand opening of SkyVue serves not only as a milestone for our companies and our partnership, but more importantly as the mark of a mission accomplished in positively impacting the Lansing community,” said Ryan Holmes, CEO of RISE: A Real Estate Company.

EdR owns 90 percent of the development and is responsible for leasing and management of the community. Apartments feature private bedrooms and baths, washers and dryers, furnishings, granite countertops and other upscale appointments. Community amenities include a covered parking garage, computer center, study room, fitness center, and two courtyards with grilling stations, televisions, volleyball court and robust internet and Wi-Fi throughout the building.

Michigan State University has an enrollment of more than 50,000 students, offers degree programs in more than 200 academic pursuits and ranks 45th among the nation’s public universities, according to U.S. News & World Report. 

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