Author Archives: ipgocorp

HUD’s August Housing Scorecard Indicates Continued Housing Recovery

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(RECAP: HUD’s recently released monthly Housing Scorecard points to new home sales, homeowner participation in loss mitigation programs, and declining foreclosure starts and completions as evidence that the housing market is steadily continuing to recover from the housing crisis. The report states new single-family home sales rose by 12.4 percent in July to 654,000, reaching the fastest pace since October 2007 and up over 31 percent from this point last year. According to the report, previously owned (existing) homes sales fell 3.2 percent in July to 5.39 million, down from 5.57 million in June and 1.6 percent lower than at this point last year. Despite the loss in momentum, existing home sales remained above 5.0 million for 16 of the past 17 months.)

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Grayson awarded $700,000 for Eagle Bottom Housing rehab

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(RECAP: Grayson County was recently awarded a $700,000 Community Development Block Grant in support of the Eagle Bottom Housing Rehabilitation Project, under the 2016 CDBG Competitive Round. The announcement came Sept. 16, in a notification on behalf of Gov. McAuliffe, from the Virginia Department of Housing and Community Development. The “greater” Eagle Bottom area contains a total of 176 houses, including 27 houses along State Route 94 from Fries to the Grayson County line; 48 houses in Eagle Bottom proper; 33 houses along a loop including Winding Road, Barbershop Lane, and Quarry Road; and 48 houses on Stevens Creek Road. The majority of the households are low-to-moderate income, and a significant number of the households are headed by elderly residents on fixed incomes. This area of Grayson County has been in transition since the closing of Washington Mills in Fries, and a number of homes scattered throughout have been abandoned and are in need of repair or demolition.)

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Olympus Property Acquires 312-Unit Legends at White Oak Apartment Community in Chattanooga Submarket

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OOLTEWAH, TN – Olympus Property expands their Tennessee portfolio with the acquisition of Legends at White Oak outside of Chattanooga, Tennessee.

Legends at White Oak is a groundbreaking new Class “A” apartment community comprised of 312 units. Completed in 2015, Legends at White Oak is situated on over 21 acres and boasts high quality construction with top-of-the-market finishes and amenities. Residents’ amenities include an expansive salt-water pool with sun ledge, modern fitness center, two fully stocked fishing ponds, business center, billiards room, and a poolside cabana with fire pit. 

“In addition to being an incredibly attractive asset, Legends at White Oak is perfectly situated near major job drivers within one of the best public school districts in Chattanooga,” said Ruyi Li, Acquisitions Manager for Olympus Property.

Units feature top-of-the-line finishes, including open floor plans with 9-foot ceilings, balconies with expansive views, oversized closets, stylish wood cabinetry in kitchens and baths, premium granite countertops, ceramic tile baths, faux wood blinds, washer and dryer, hardwood style flooring, ceiling fan with lights, and patios/balconies.

The Legends benefits from its highly convenient location and provides convenient access to Chattanooga’s largest employers in Downtown and along Highway 75/I-75. The $1 billion Volkswagen automotive plant and the Amazon distribution center each use over 2,400 and are located within a five minute drive time. Additionally, the property is a small 15-minute drive to the urban core of Chattanooga.

“We are thrilled to be expanding our Tennessee portfolio in Chattanooga, a gorgeous town attracting employers and families from across the nation,” said Anthony Wonderly, Principal of Olympus Property.

Legends at White Oak is the fourth property to be added to Olympus Property’s sixth fund. The investment structure will provide investors an opportunity to diversify among numerous multi-family assets providing immediate cash flow in strong markets throughout the United States.

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