Olympus Property Acquires Rocket Pointe In Durango, Colorado

Olympus Property announces the successful acquisition of the Rocket Pointe apartments, a 194-unit garden style Class-A multifamily property in Durango, Colorado.

Durango is a scenic, resort-style market located in Southwest Colorado. The community is home to a diverse group of residents – from world class physicians at Durango's medical centers, small-business owners & entrepreneurs, professional outdoor athletes, to remote employees relocating from costal city centers. Residents and visitors enjoy an abundant offering of outdoor activities from hiking, camping, skiing/snowboarding, fishing, whitewater rafting, hunting, horseback riding, mountain biking, rock climbing, and more.

"The Durango market is experiencing a large influx of people moving from larger cities. The population influx in conjunction with the high barrier-to-entry for new apartments has led Durango to be one of the top markets in the nation in terms of rent growth this past year." said John Vu, Olympus Acquisitions Manager.

Completed in 2019, Rocket Pointe is one of only two market-rate multifamily communities constructed in Durango in the last 20 years. The property offers best-in-class amenities with a resort-style heated swimming pool, fitness center, community kitchen, bike repair station, ski/snowboard waxing room, and breezeway access garages. Units feature granite countertops, stainless steel appliances, and designer finishes.

"Rocket Pointe is an opportunity for our company to expand into a prestigious, supply-constrained new market with a strong fundamental story. The asset is in a flourishing community with plenty of long-term upside for our firm and our partners," said Chase Bennett, Olympus Managing Director.

Founded in 1992, Olympus Property owns and manages some of the most desirable multifamily opportunities across the United States. Olympus Property is headquartered in Fort Worth, Texas. Over a 29-year history, the firm has become a successful and recognized name in the multifamily industry owning and operating approximately 21,000 units across eleven states. Rocket Pointe is the fourth property in Olympus Property's twelfth fund, Olympus Property XII LLC.