Olympus Property Acquires Renaissance Village at Shadow Lake in Houston

HOUSTON — Olympus Property has acquired Renaissance Village at Shadow Lake, a 624-unit Class A apartment community located in Houston’s Westchase District submarket. The submarket employs nearly 200,000 individuals with 26,000 more jobs projected in 2015. Renaissance Village was built in two phases in 1998 and 1999 and spans 28 acres. Amenities include a lake, clubhouse, swimming pool with sundeck, fitness center and outdoor stone fireplace. Olympus is planning a $2.5 million renovation project to transform the property and provide residents with an improved living experience. The renovation plan will include upgrades to the interiors of the units, improvements to the clubhouse, new fitness center equipment and enhancements to the pool areas. In addition, Olympus will change the name to The Ranch at Shadow Lake. Floor plans include 372 one-bedroom, one-bath units; 180 two-bedroom, two-bath units; and 72 three-bedroom, two-bath units. Units feature nine-foot ceilings, two-tone paint, garden tubs, full-size washer and dryer connections and patios. Renaissance Village is the fourth property to be added to Olympus Property’s fourth fund, WW Olympus Property IV LLC.