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Olive Tree Affordable Housing enters North Carolina market
Olive Tree Affordable Housing, the affordable housing affiliate of Olive Tree Holdings, real estate investment firm focusing on value-add multifamily markets, has purchased The Life at Lakeside Villas, a 429-unit, affordable multifamily community located at 1519 Lake Branch Drive in Wilmington, N.C.
With equity provided by the American South Fund Management Team, Olive Tree has announced a capital improvement program that is slated to begin in second quarter 2023.
The Life at Lakeside Villas offers a mix of 35 one-bedroom, 359 two-bedroom, and 35 three-bedroom residences available to residents earning 60 percent of the area median income or less. The complex is made up of residential townhouse units surrounded by open landscaping.
The Life at Lakeside Villas is Olive Tree’s fifth partnership with American South Fund Management, a partnership between SDS Capital Group and Vintage Realty Company.