Olympus Property has purchased The Confluence at Three Springs apartment complex – its second major property acquisition in Durango.
Olympus Property is a real estate investment firm founded in 1992 that operates out of Fort Worth, Texas. The company owns and manages multifamily properties in 17 states, according to the company’s website.
The three-story, 171-unit Confluence at Three Springs apartment community – now renamed Olympus at Three Springs – is located at 150 Confluence Ave., near Mercy Hospital.
At least one business – the Taco Boy restaurant – is operating out of the retail space on the ground floor of the property. Olympus declined to comment Monday on whether any existing retail contracts will be retained under the new ownership.
Olympus’ first purchase in the city was the Rocket Pointe apartments at 1255 Escalante Drive in 2021.
The Confluence at Three Springs first opened in fall 2016. It was sold by its original owner – GF Properties Group, a Southern Ute Growth Fund entity – to Denver real estate firm Trailbreak Partners for $35.25 million in 2020. Trailbreak Partners owned the property until it was acquired by Olympus last month.
John Vu, director of acquisitions at Olympus Property, said the city’s “healthy supply-demand fundamentals” and “strong rent-to-income dynamics” made Durango an ideal location for the purchase.
“The acquisition of Confluence reflects our strategic interest in high-barrier, high-quality markets where our local presence and operational depth position us to deliver durable results,” Vu said in the release. “The strength of the Three Springs master plan and the property’s connectivity to major employers and outdoor amenities make it an ideal long-term investment for our portfolio.”
The complex is within proximity of Mercy, Fort Lewis College and the anticipated 2027 Mesa Park development, which is set to include a music venue, an outdoor sports complex and an expanded regional trail network. Because of these elements, the apartment complex “benefits from proximity to year-round tourism, recreational assets, and ongoing public and private investment,” the release said.
In 2016, monthly rent at The Confluence at Three Springs was advertised as starting at $899 for a one-bedroom unit and $1,199 for a two-bedroom apartment.
More recent rental prices prior to the change of ownership were not publicly available.
As of Monday, the Olympus at Three Springs website lists the cost of the 676- to 1,031-square-foot units ranging from $1,720 to $2,261 per month.
In a news release on the purchase, Olympus dubbed the property “an attainable housing option” in Durango’s notoriously non-budget-friendly rental market.
“Durango’s substantial affordability gap, where median home values exceed $730,000 and renters enjoy a $4,000-plus monthly cost advantage, alongside a 19% rent-to-income ratio at Confluence, reinforces the property’s appeal as a high-quality, attainable housing option in a high-barrier market,” the release read.
A livable wage in La Plata County for a single individual with no children working full time, or 2,080 hours in a year, is $25.24 per hour, according to MIT’s living wage calculator.
The Region 9 Economic Development District of Southwest Colorado reported that as of 2024, service sector jobs in Durango – which account for around 44% of employment in the city – brought in an average income of $28,782 per year, with the annual wage across all industries hovering around $59,500.
According to the report, when additional necessary costs like food, health care and transportation are considered, that amounts to only 57% of the estimated livable wage – $104,827 – for two working adults with two children renting a two-bedroom unit in the city.
Olympus’s other property in Durango – the 194-unit Rocket Pointe complex – offers one- and-two-bedroom luxury apartment homes in the $1,800 to $3,000-per month range.
When Rocket Pointe first opened to tenants in 2019, before Olympus held ownership, rent started at $1,225 for one-bedroom units and $1,640 for two-bedroom apartments.
Olympus Property declined to answer questions Monday about the amount paid for the property, any potential changes tenants can expect, if rental prices at Olympus at Three Springs have been or will be adjusted with the change of ownership, and if Olympus plans to purchase more property in Durango in the future.
epond@durangoherald.com
