Thursday 26 January 2023

US-based Olive Tree Affordable Housing, the affordable housing affiliate of private investment company Olive Tree Holdings, has acquired The Life at Lakeside Villas, a 429-unit, affordable multifamily community located at 1519 Lake Branch Drive in Wilmington, North Carolina, the company said.

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.

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 % of the area median income 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.

Impact funds managed by ASFM target their investments into diverse low-income communities across 10-states in the South.

Since Olive Tree Holdings' inception in 2017, the firm has acquired and transformed over 16,000 units of workforce and affordable housing communities across nine states.