Olympus Property has purchased Echo at Katy Ranch, a garden-style community built in 2013 and located near Houston. Olympus Katy Ranch, the new name of the property, is the twelve acquisition the organization made in 2018, adding around 4,000 apartments to the portfolio.

"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.

[caption id="attachment_8423" align="alignleft" width="300"] Olympus Katy Ranch is the twelve acquisition Olympus Property made in 2018.[/caption]

The neighborhood is known for its excellent 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 corridor is the headquarters for numerous national and international energy corporations, healthcare companies, engineering firms, chemical corporations, and financial services companies.

Also, the corridor is the third-largest employment center in Houston with more than 94,000 employees and 300 companies. The ranch offers a luxury, low-density community located on 14 acres. 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.

National Health Investors Inc. has agreed to finance the development of a 144-bed skilled nursing facility located near Milwaukee, Wisc., for a commitment of $25.35 million.

The initial funding under the commitment was $4,700,000 and construction is underway and expected to be completed in the second quarter of 2020. A 12-year lease term begins post-construction with two 10-year renewals and a 2.0% annual escalator. The facility, Ignite Medical Resort Oak Creek, will be operated by a tenant entity owned by affiliates of Villa Healthcare and Ignite Medical Resorts.

“We are excited to enter into a new relationship with Villa and Ignite, under a newly formed entity by principals with extensive experience operating large portfolios of skilled nursing facilities and strong relationships in the market area,” said Eric Mendelsohn, NHI’s president and CEO. “We believe this new relationship will provide an excellent opportunity to expand our presence in this market.”

“Villa has had great success in Wisconsin, and we are looking forward to furthering our commitment to the Milwaukee Market,” said Ben Israel, president of Villa Healthcare. “Opening the newest and most modern Skilled Nursing Facility in Wisconsin through this new partnership with NHI, as well as continuing our ongoing relationship with Ignite Medical Resorts in this venture, was an easy decision as their values align with ours.”

Carter Multifamily has acquired Laurel Pointe Apartments for around $13 million.

Built in 1970, Laurel Pointe has 160 apartments located three miles southeast of downtown Jacksonville, Fla., which offer  access to the area's largest employers, including Baptist Health, Mayo Clinic, Bank of America, and UF Health Hospital. Jaxport, the Jacksonville Port Authority, generates more than 24,000 port-related jobs and is located seven miles from Laurel Pointe.

[caption id="attachment_8154" align="alignleft" width="150"] Cindy Pfeifer of Carter Multifamily[/caption]

"The property benefits from its close proximity to the downtown area, central business district, and is located less than one mile from another Carter Multifamily property, Peppertree Lane,” said Cindy Pfeifer, CEO of Carter Multifamily. “This allows the two properties to share resources, create operational efficiencies, and enhance on-site management, which residents should benefit from."

Carter Multifamily intends to make Laurel Pointe attractive to the area's large concentration of medical, retail, technology and marine science professionals. Renovations will include updates to interiors and common areas, including the pool, playground and recreational areas. There are also plans to add a fenced-in dog park, athletic field, internet café, and more outdoor gathering areas.

Greystar Real Estate Partners acquired the three-property, 845-unit Acacia portfolio located in the Phoenix metropolitan area.

The portfolio, which is concentrated in Phoenix’s affluent East Valley and comprises Chandler Court and River Ranch in Chandler, Ariz., and Vista Montana in Gilbert, Ariz., represents an opportunity for Greystar to acquire high-quality assets in rapidly growing, low-supply submarkets.

The Phoenix metropolitan has been strong economically, and will add over 60,000 new jobs this year, according to Greystar. The market benefits from a diversified employment base, having added roughly 150,000 jobs in finance, technology and health care, many of which are in the Chandler and Gilbert submarkets. Continued population growth resulting from the area’s booming economy and job market is expected to continue to drive demand for housing and increased rents.

“Phoenix continues to screen as a top performing market across the country in terms of fundamentals, and rising construction costs have made it difficult to add new supply in these highly desirable Chandler and Gilbert submarkets,” said Kevin Kaberna, executive director and leader of Greystar’s U.S. Investment platform. “We expect that our proven value-add strategy combined with robust job growth and limited supply will drive tremendous value.”

Originally built in the late 1980s, the Acacia portfolio largely features original interiors. Greystar’s value-add strategy will focus on extensive renovations to units, including hard-surface countertops, stainless steel appliances, new cabinet doors, and upgraded lighting, plumbing and hardware packages. The company also plans to upgrade the portfolio’s common areas and amenities, which include fitness centers, clubhouses, business centers, community gardens, and pools and spa areas.

As one of the nation’s largest apartment operator with 490,000 units under management, Greystar owns around 970 units in the Phoenix area and manages 24,560 more. Greystar will continue to leverage its local market expertise and deep industry relationships to identify attractive investments and management opportunities throughout the Phoenix area.