Olympus Property announces the successful acquisition of Promenade at the District, a Class-A garden style community built in 2012 located in South Jordan, Utah. Effective immediately, the asset will be renamed Olympus at the District.
Olympus at the District is a Class A townhome community located in the desirable city of South Jordan. The property is adjacent to The District, one of the largest mixed-use developments in Utah, with over 852,000-square-feet of theaters, restaurants, retail shops, and office buildings. It offers convenient access to Bangerter Highway for a direct route to the Salt Lake City International Airport. The property is also located within 30-minutes of Downtown Salt Lake City and Silicon Slopes which includes major employers such as Delta Airlines, Adobe, UPS, Goldman Sachs, Fidelity, and eBay.
Olympus at the District is one of only a few multifamily communities in the submarket consisting of 100% townhomes with attached garages. The average size unit is 1,326-square-feet which is approximately 300-square-feet larger than the average apartment in South Jordan. This property offers the unique opportunity to both individuals and families looking for an apartment and not wanting a neighbor above or below them.
"South Jordan is a flourishing neighborhood in the larger Salt Lake Citymetroplex. The business friendly environment and high quality of life Utahprovides will continue attracting employers and fueling population growth for years to come," said Chandler Wonderly, Principal of Olympus Property.
Olympus plans to spend $800,000 on top of the existing finish-outs to enhance the interiors, add minor renovations to the clubhouse, re-brand the property, paint the exterior, update exterior lighting, and add a pet park. Interior upgrades will include adding smart home packages, ceiling fans, vinyl flooring, and a lighting package further increasing the value of the asset.
"Acquiring assets in Utah is extremely competitive. The unique townhome design and proximity to both employment and entertainment centers make this asset well positioned to provide tenants a top-notch living experience and deliver strong returns to our investors," said Chase Bennett, Director of Acquisitions at Olympus Property.
Olympus at the District is an upscale town-home style community featuring a state-of-the-art fitness center, eco-friendly/solar powered units, two swimming pools, sunning decks, a clubhouse featuring a lounge area, TVs, a fireplace, and billiards room, and two playground areas. Unit amenities include stainless steel appliances, granite countertops, gourmet kitchen, full-size washer and dryer, vaulted ceilings, faux-wood flooring, gas range, designer wood cabinets, oversized walk-in closets, 2.5" wood-composite blinds, one and two car direct access garages, and a front patio for select units.