Olive Tree Affordable Housing Enters Into North Carolina Market with Acquisition of Multifamily Community in Wilmington
Olive Tree Affordable Housing, the affordable housing affiliate of Olive Tree Holdings, a mission driven private investment company with a focus on real estate, today announced the acquisition of The Life at Lakeside Villas, a 429-unit, affordable multifamily community located at 1519 Lake Branch Drive in Wilmington, North Carolina. With equity provided by the American South Fund Management Team, Olive Tree has announced a capital improvement program that is slated to begin in Q2 2023 to enhance the quality of life for residents.
"We are thrilled to be expanding our operations into North Carolina and to be joining the Wilmington community," said Ian Bel, Managing Principal and Chief Executive Officer of Olive Tree Holdings. "Since inception, Olive Tree has dedicated itself to the provision and preservation of quality affordable housing options across the country. We're looking forward to applying that mission to the lives of residents at The Life at Lakeside Villas."
The Life at Lakeside Villas offers a mix of 35 one-bedroom, 359 two-bedroom, and 35 three-bedroom residences and are available to residents earning 60 percent of the area median income (AMI) or less. The complex is made up of residential townhouse units each surrounded by open landscaping.
The Life at Lakeside Villas is Olive Tree's fifth partnership with American South Fund Management (ASFM), a partnership between SDS Capital Group and Vintage Realty Company.
"Our ASFM team is excited to now have our fifth partnership with Olive Tree, given their deep commitment to preserving affordable housing throughout the South," said Deborah La Franchi, ASFM Managing Partner.
Impact funds managed by ASFM target their investments into diverse low-income communities across 10-states in the South.
"We are proud that with this new investment with Olive Tree, ASFM has now funded over 2,600 units of affordable housing throughout the South," said David Alexander, ASFM Managing Partner.
Since Olive Tree Holdings' inception in 2017, the firm has acquired and transformed over 16,000 units of workforce and affordable housing communities across 9 states.