#United States #Olympus Property #Durango #Confluence at Three Springs #Durango Colorado

Olympus Property Expands Its Portfolio with Two Durango Acquisitions

In a significant move to bolster its presence in the competitive real estate market, Olympus Property has recently completed the acquisition of Confluence at Three Springs, a luxurious 171-unit apartment community located in Durango, Colorado. This acquisition follows its previous investment in the region, specifically in Rocket Pointe, which Olympus has been managing since 2021.

Strengthening Market Position

The strategic acquisition aligns with Olympus's ongoing focus on submarkets where it can leverage its operational scale and local expertise. The addition of Confluence at Three Springs enables Olympus to capitalize on its existing management experience in the Durango area, potentially driving operational efficiencies and enhancing the performance of both properties. As the company continues to grow its portfolio, the merger of these two properties enhances the brand's position within a noteworthy investment landscape.

Confluence, constructed in 2016, is designed to provide an up-to-date, lifestyle-oriented living experience. Situated within the highly regarded Three Springs master-planned community, it offers modern amenities that are particularly appealing in a housing market characterized by scarcity in supply.

Demand and Affordability in Durango

Durango's rental market has unique dynamics, particularly considering the high median home values that exceed $730,000. The community offers a significant advantage for renters, with current monthly rental costs being approximately $4,000 less than buying a home. Furthermore, the rent-to-income ratio at Confluence stands at an attractive 19%, making it an appropriate choice for those seeking high-quality, attainable housing in a typically high-barrier market.

John Vu, the Director of Acquisitions at Olympus Property, remarked on the market's healthy supply-demand balance, emphasizing Durango’s lasting appeal as a lifestyle and workforce destination. He noted that the acquisition's focus reflects their strategic interest in maintaining robust market dynamics, specifically in high-quality segments where Olympus’s local presence can yield viable long-term results.

Location and Community Benefits

Confluence's location is strategically advantageous, positioned near key economic drivers such as Mercy Regional Medical Center and Fort Lewis College. These institutions serve as major employers and beneficial to potential residents seeking proximity to their workplaces or educational facilities.

Moreover, the enduring allure of the area is complemented by its proximity to outdoor recreational opportunities, which are plentiful due to Durango's beautiful landscapes and tourist attractions. This aspect of the location is expected to be further reinforced with the upcoming development of Mesa Park, projected to provide additional community resources such as an events center, an amphitheater, and an expanded regional trail network, anticipated to complete by 2027.

About Olympus Property

Founded in 1992 and headquartered in Fort Worth, Texas, Olympus Property is a prominent full-service multifamily owner and operator. Their expansive portfolio exceeds $9.2 billion and encompasses over 35,000 units across a diverse spectrum of U.S. markets. With a commitment to high-growth sectors, Olympus aims to continuously provide superior living experiences for its tenants. To learn more about their expanding portfolio and future projects, please visit www.OlympusProperty.com.