KATY, TX – Olympus Property announced the successful acquisition of Echo at Katy Ranch, a Class-A garden style community built in 2013 and located outside of Houston in the thriving town of Katy, Texas. Effective immediately, the asset will be renamed Olympus Katy Ranch.  

2018 has been a productive year for Olympus. Olympus Katy Ranch is the 12th buy in 2018 with nearly 4,000 high quality apartment units added to the overall portfolio this year.  

“Olympus maintains a longer-term view of the markets. Olympus Katy Ranch is located in a booming submarket of Houston and offers attractive long-term value and upside for our investors and our firm,” said Chase Bennett, Director of Acquisitions at Olympus Property. 

Katy has emerged as one of Houston’s most well loved suburban areas based on its brilliant school district, award-winning residential neighborhoods, and access to numerous major employers within the Energy Corridor. Located only 10 miles from Olympus Katy Ranch, the Energy Corridor is the headquarters for numerous national and international energy corporations, healthcare companies,engineering firms, chemical corporations, and financial services companies. It is the third largest employment center in Houston with over 94,000 employees and 300 companies.

“Olympus Katy Ranch is an ideal addition to our portfolio in our home state of Texas. We believe our buy basis for the age and location of this property are ideal,” said Anthony Wonderly, Principal at Olympus Property. 

Olympus Katy Ranch is a luxury low-density community positioned across 14 acres, which offers a 2-tale design with direct access garages for 100 of its 260 units. Premier amenities include a resort-style pool with spa, six gas grills, fireside lounge, resident clubroom with TVs, billiards room, 24-hour fitness center with circuit and core training equipment, and a gated bark park. Unit features include gourmet bar kitchen with pendant lighting, granite countertops, brushed nickel plumbing, hardwood-style flooring, private balconies, garden bathtubs, walk-in closets, in-home washer and dryer, and detached garages.

Founded in 1992, Olympus Property owns and manages the most desirable multifamily opportunities across the United States and was recently named the 2nd best place to work in multifamily by The Multifamily Leadership Summit in 2019. Over a 26-year history, the firm has become a successful and recognized name in the multifamily industry with over 17,000 units owned and operated across ten states. 

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HOUSTON, TX – Mill Creek Residential, a leading multifamily investor and operator specializing in premier apartment communities across the U.S., announced the grand opening of Modera Shepherd, a luxury apartment community in Houston’s flourishing Washington Corridor. 

The community celebrated the official grand opening event Nov. 29, which included food and beverage from local vendors, a prize raffle for residents and event swag bags. The six-tale community, which is surrounded by an abundance of world-class dining, shopping and nightlife options within Houston’s hippest neighborhoods, includes a combined 245 apartment homes and two-tale loft penthouses. Go-ins started in the summer.

“With Houston’s booming employment sector and the influx of new residents, the delivery of new apartment homes is timely,” said Jeb Cox, senior managing director of Houston and Austin for Mill Creek Residential. “We believe Modera Shepherd will provide one of the finest living experiences in the market, because it’s much more than a place to live. This community will cultivate an atmosphere that entices residents to frequent the amenity spaces and live a social lifestyle.” 

Located at 611 Shepherd Drive and within minutes of the downtown Central Business District, the community offers quick connectivity to Downtown Houston’s thriving employment sectors and cutting-edge neighborhoods, such as Houston Heights and River Oaks. The Galleria, located about six miles from Modera Shepherd, is an upscale retail destination that attracts upwards of 30 million visitors per year. The community also boasts prime access to several recreational outlets, including Memorial Park and Buffalo Bayou Hike and Bike Park.

Modera Shepherd residents have expedient access to Interstate 10, Memorial Drive and Allen Parkway, which connect to various landmarks and well loved destinations across the metropolitan area. The Central Business District is home to nine Fortune 500 companies and 50 million square feet of office space, and emerging Greenway Plaza is within four miles of the community. Oil jobs are making a comeback as well, which is driving more job growth to the city.

Modera Shepherd consists of studio, one- and two-bedroom homes with loft penthouse homes available. Apartment interiors offer elevated ceilings, granite countertops, wood plank-style flooring, stainless-steel appliances, front-loading washers and dryers and USB ports. Select homes include walk-in closets, separate dining areas, soaking tubs, pantries and private patios or balconies. 

Community amenities are highlighted by a club-quality fitness center with Peloton Bikes, Woodway Treadmills and Cross Fit Virtual Trainers. Modera Shepherd also includes a resort-style outdoor swimming pool, rooftop sky lounge overlooking downtown, outdoor barbecue area, conference center, business center, pet spa and open-air lounge with pool, ping-pong and shuffleboard. Residents also have access to controlled-access subterranean garage parking, bike storage with repair station, self-serve package lockers and refrigerated package lockers for perishable goods. 

Modera Shepherd is the fifth community that Mill Creek has developed in Houston. Others include Modera Flats and Astor Tanglewood.

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BROOKLYN, NY – Jonathan Rose Companies, one of the country’s leading developers and investors in sustainable, affordable and mixed-income multi-family real estate, The NHP Foundation (NHPF), a national not-for-profit leader in providing quality affordable housing to America’s working poor, seniors and families, along with Nuveen, the investment manager of TIAA, have bought Shore Hill Housing, a two-building, 558-unit HUD project-based Section 8 Housing complex located at 9000 Shore Road in the Bay Ridge section of Brooklyn for approximately $150 million from NYU Langone.

The property consists of two interconnected 14-tale towers totaling 414,127 square feet built in 1977 and set on 2.69 acres. The unit mix includes 325 studios and 233 one-bedrooms. 

The acquisition was financed by a $102 million Freddie Mac loan arranged through Prudential. The Rose Affordable Housing Preservation Fund IV, L.P. (“Fund”), along with joint venture non-profit partner, NHPF, and co-investor Nuveen, a TIAA Company, will invest $52 million of equity in the property. 

“Shore Hill is a near perfect match for our Fund and our firm’s capabilities,” said Nathan D. Taft, Partner and Managing Director of Acquisitions at Rose. “We are making a long-term investment to preserve an vital affordable housing property for seniors with a conventional debt and private equity execution,” added Joshua Plattner, who led this acquisition for Rose.

The venture will invest in capital improvements to increase energy efficiency, reduce the carbon footprint, and enhance the resident services at Shore Hill as part of Rose’s Communities of Opportunity programming. “We are excited about the opportunity to drive capital into this Brooklyn neighborhood, preserving a significant number of affordable units and improving the living standards of the residents in these buildings,” said Pamela West, Senior Director with Nuveen’s impact investing team. “We look forward to continuing our efforts by investing in similar assets across the country for families and seniors.” 

Rose Community Management, an affiliate of Jonathan Rose Companies, will take over management of the community. The partnership between the Fund and NHPF will allow for an increased capacity to provide services to residents of the property. Operation Pathways, NHPF’s Resident Services affiliate will oversee the provision of services, which currently includes operation of a Community Center, onsite transportation services, and resident service coordination to connect residents to other local health, wellness, and support services. 

“Partnering with Jonathan Rose Companies for the first time provides a tremendous opportunity for both of our organizations to showcase our strengths,” said NHPF President & CEO Dick Burns. “We look forward to working together with them on other successful co-ventures.”

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