FORT WORTH, Texas, Jan. 6, 2022 /PRNewswire/ -- Olympus Property further expands its footprint in Tennessee with the successful acquisition of The Village at Apison Pike, a garden style Class-A multifamily community in the Chattanooga suburb of Ooltewah.
Completed in 2015, this 248-unit community is well positioned in the rapidly expanding suburbs of Chattanooga. The population influx in the Chattanooga MSA is a direct result of the revitalization of the Downtown area and the strong economic development brought by major employers such as Amazon, Volkswagen, and McKee Foods Corporation. Chattanooga was recently ranked number one for Employment Outlook by Forbes magazine, in part due to its proximity to the high growth metros of Atlanta and Nashville. With the continued economic development brought by corporate expansions, experts foresee an increase in high paying jobs, thereby raising household incomes by 28% over the next 10 years.
"The Chattanooga market is one of the most sought-after submarkets in the United States. It is experiencing exceptional rent growth accompanied by very limited supply. The Village at Apison Pike will be a great addition to our Tennessee portfolio." said Travis Bertetto, Olympus Acquisitions Manager.
The Village at Apison Pike features a resort style pool with cabanas, state of the art fitness center, fully equipped clubhouse with a billiard and gaming room, and a dog park. Unit interiors include granite countertops, nine-foot ceilings, and stainless-steel appliance packages. Olympus plans to further enhance this Class A property by infusing an additional $1M in capital over the next few years. This will include a complete exterior paint, minor renovations to the clubhouse, and amenity enhancements which will add significant value long term.
"Olympus Property has owned in the Chattanooga Market since 2016 and believes in the continued long-term growth of the market, which will provide upside to both our Partners and Olympus," said Chase Bennett, Managing Director.
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 29-year history, the firm has become a successful and recognized name in the multifamily industry owning and operating approximately 21,000 units across eleven states. The Village at Apison Pike is the third property in Olympus Property's twelfth fund, Olympus Property XII LLC.
SOURCE Olympus Property