ASREF Investment in The Life at Lakeside Villas in Wilmington, NC
Olive Tree Affordable Housing enters the North Carolina market with the acquisition of a multi-family community in Wilmington
Olive Tree Affordable Housing, the affordable housing subsidiary of Olive Tree Holdings, a private real estate-focused private investment firm, today announced the acquisition of The Life at Lakeside Villas, a 429-unit affordable multi-family development at the 1519 Lake turnoff in Wilmington, North Carolina. With equity provided by the American South Fund Management Team, Olive Tree has announced a capital improvement program to begin in the second quarter of 2023 to improve the quality of life for residents.
“We are very excited to expand our operations into North Carolina and to join the community of Wilmington, an area currently experiencing high population and employment growth,” he said Ian Bel, Managing Director and Chief Executive Officer of Olive Tree Holdings. “Olive Tree has been dedicated to providing and sustaining quality, affordable housing opportunities across the country since its inception. We look forward to applying this mission to the lives of residents of The Life at Lakeside Villas and continuing to work with local leaders and the surrounding Wilmington community to make a lasting impact.”
Offering a mix of 35 one-bedroom, 359 two-bedroom and 35 three-bedroom homes, Life at Lakeside Villas is available to residents earning 60 percent of the area’s median income (AMI) or less. The complex consists of terraced units, each surrounded by open countryside. The community also has a playground and community center for residents, as well as public transportation. Elements of the capital improvement program being implemented at the property consist of security improvements, various energy efficiency implementations, community wide amenities improvements, landscaping improvements and a variety of management and real estate office improvements.
The community is adjacent to Wilmington’s Greenfield Lake and offers residents all the benefits of lakeside living. Additionally, The Life at Lakeside Villas is minutes from popular area shopping malls, including 17 South Plaza and Castle Street Plaza. The community is also in close proximity to a variety of food, drink and cultural attractions including the Cape Fear Museum of History and Science, the Children’s Museum of Wilmington, the New Hanover County Arboretum and the Airlie Gardens.
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. The funding provided by ASFM will support the significant renovation works that will directly improve the residents’ quality of life.
“Our ASFM team is excited about our fifth partnership with Olive Tree given their strong commitment to preserving affordable housing throughout the South,” said Deborah La Franchi, Managing Partner of ASFM.
Impact funds managed by ASFM target their investments to diverse low-income communities within 10 Southern states and reflect Olive Tree Affordable Housings’ mission to preserve and create affordable housing opportunities in the United States.
“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, Managing Partner of ASFM.
The Life at Lakeside Villas was brokered by SVN Affordable, Levental Realty, a nationally recognized leader in the niche market of affordable housing brokerage, specializing solely in the valuation, marketing and sale of Section 8 and Section 42 project-based housing through its national and proprietary platform focused database.
Since founding Olive Tree Holdings in 2017, the company has acquired and converted over 16,000 work units and affordable housing communities in 9 states. With each multi-family acquisition, the Company designs a customized capital improvement program that revitalizes the property, amenities and units, improving residents’ lifestyles and positively impacting the local community.
Life at Lakeside Villas
1519 Lake Branch Dr, Wilmington, NC 28401