Life at Elmwood Grove - Springdale, AR
$23M Investment Partnership Supporting Affordable Housing
Life at Elmwood Grove – Springdale, AR
11/2021
Press Release
Olive Tree Holdings and American South Real Estate Fund II Announce $23M Investment Partnership Supporting Affordable Housing
The Life at Elmwood Grove Development to Renovate 192 Affordable Multifamily Housing Units in Springdale, AR
Springdale, AR – November 23, 2021 – Funding has been secured to acquire and begin the renovation of The Life at Elwood Grove (formerly known as Springdale Ridge Apartments,) a 192-unit affordable multifamily apartment community in Springdale, Arkansas. The 16-building garden style project is being rehabilitated by Olive Tree Holdings (“Olive Tree”). Life at Elwood Grove is Olive Tree’s 40th multifamily acquisition. This is Olive Tree’s fourth partnership with American South Real Estate Fund (ASREF) I and II, managed American South Fund Management (ASFM), a partnership between SDS Capital Group and Vintage Realty Company. All 192 units will be rented at rates affordable to low-income families.
“Olive Tree’s mission has centered on finding and improving existing assets or new projects that can provide quality housing to workforce households and families across the country. With The Life at Elmwood Grove, we now manage over 8,000 units of affordable housing nationally, meeting a critical need within underserved communities. The financial partnership between Olive Tree and American South Real Estate Fund II , enables us to quickly acquire and initiate project construction. This expedites our pursuit of quality developments that offer affordable rents,” said Ian Bel, Principal, Olive Tree.
