Olive Tree Affordable Housing Enters NC with Acquisition of Wilmington Community
Olive Tree Affordable Housing, the affordable housing affiliate of Olive Tree Holdings, a mission driven private investment company with a focus on real estate, has acquired The Life at Lakeside Villas. The 429-unit, affordable multifamily community is located at 1519 Lake Branch Drive in Wilmington, NC.
With equity provided by the American South Fund Management Team, Olive Tree Affordable Housing will begin a $2-million capital improvement program in Q2 2023 to enhance the quality of life for residents. The Life at Lakeside Villas is Olive Tree Affordable Housing’s fifth partnership with American South Fund Management, itself a partnership between SDS Capital Group and Vintage Realty Company.
The Life at Lakeside Villas offers a mix of 35 one-bedroom, 359 two-bedroom, and 35 three-bedroom residences that are available to residents earning 60 percent of the area median income (AMI) or less. The community is situated just beside Wilmington’s Greenfield Lake and close to the Cape Fear Museum of History and Science, the Children’s Museum of Wilmington, New Hanover County Arboretum, and the Airlie Gardens.
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.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.