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, Ark. The 16-building garden style project is being rehabilitated by Olive Tree Holdings.
Life at Elwood Grove is Olive Tree’s 40th multifamily acquisition, and this is Olive Tree’s fourth partnership with American South Real Estate Fund (ASREF) I and II, managed American South Fund Management, a partnership between SDS Capital Group and Vintage Realty Co. All 192 units will be rented at rates affordable to low-income families.
The development is located near major employers that include the University of Arkansas, Tyson Foods and Walmart's global headquarters. The Fayetteville MSA has experienced 2 percent annual growth for the past decade. Median home values have increased by approximately 20 percent, with median household income rising by only 2.3 percent. Inco
