New York-based Olive Tree Holdings has purchased and is renovating a nearly 200-unit Springdale apartment complex for a new project aimed at low-income tenants.
The $23 million investment will create The Life at Elmwood Grove at the site of the former Springdale Ridge Apartments at 770 S. 40th St., according to a Tuesday release. The 192-unit multifamily apartments are in a 16-building garden-style format.
"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," Ian Bel, principal, Olive Tree, said in a statement. "With The Life at Elmwood Grove development, we now manage over 8,000 units of affordable housing nationally, meeting a critical need within underserved communities."
This is Olive Tree's fourth partnership with American South Real Estate to build affordable housing in the South. American South Real Estate is a partnership between Los Angeles-based SDS Capital Group and Vintage Realty Company of Shreveport.
All the units will be rented at rates affordable to low-income families, according to Olive Tree.