FORT WORTH, TX – Olympus Property announces the successful acquisition of Victorian Quarters at Team Ranch, a Class-A garden style community built in 2005 and located outside of Fort Worth, Texas in the bedroom community of Benbrook, Texas. Effective immediately, the asset will be renamed Olympus Team Ranch.
Olympus Team Ranch is located in prime southwestern Fort Worth only 10 miles from the Olympus Property Headquarters in downtown Fort Worth. Approximately 270,000 jobs are located within a 10-mile radius of the property including the Medical District, Lockheed Martin, Fort Worth Central Business District, and GM Financial. In addition, The Shops at Clearfork, a premier open-air mall anchored by Luxury boutiques and Waterside, a 63-acre mixed-use development, are both minutes from the property. Olympus Team Ranch is also positioned next to multiple prominent single-family subdivisions where homes range in price from $300,000 to $7,000,000.
"We are proud and honored to continue growing Olympus Property with the acquisition of Olympus Team Ranch in our own backyard with this beautiful asset. We love this market and plan to own this deal for a long period of time," said Anthony Wonderly, Principal of Olympus Property.
Olympus plans to spend approximately $2 million on top of the existing finish outs to further enhance the interiors, rebrand the property, and add light amenity upgrades. These upgrades, such as adding stainless appliances, granite countertops, lighting package, vinyl flooring, backsplash, framed mirrors, washers and dryers, and fenced back yards in some units, will provide immense upside value to the asset.
"With our planned renovation and rent increases, Olympus Team Ranch will create value for our investors and Olympus Property for years to come," said Chase Bennett, Director of Acquisitions at Olympus Property.
Olympus Team Ranch is a 248-unit low density community featuring nine-foot ceilings, crown molding, custom three-panel metal entry door, vinyl wood entry, faux wood 2" blinds, balcony or patio with French door, double stainless steel sinks with arched faucet, kitchen pantry, black appliance package, separate utility area, ceiling fans with lighting in all bedrooms, and vinyl wood flooring in bathroom(s). Select units include vinyl wood flooring in kitchen and living areas, fireplace, double sink vanity, garden soaking tub, and storage on balcony or patio. Community amenities include a resort-style swimming pool, cascading fountain, sunning deck, covered pergola with seating, covered outdoor grill area with TV, covered pergola with picnic table and grill, attached and direct access garages, pet friendly bark park, private yard, lush landscaping throughout property, and 24-hour emergency maintenance.