Source: Olive Tree / American South Real Estate
HOUSTON, TX - Funding has been secured to acquire and begin the improvement of The Life at Sterling Woods (formerly known as Villas on Winkler) complex into a 234-unit senior/ affordable multifamily apartment community in Houston, Texas. The project is being rehabilitated by Olive Tree Holdings. Villas on is Olive Tree's 33rd multifamily acquisition and the 13th in the Houston market.
"Olive Tree's mission has centered on finding and improving existing assets that can provide low-income quality housing to families throughout the South. With The Life at Sterling Woods, we now manage over 7,000 units of affordable housing nationally, meeting a critical need in these economically challenged communities. The financial partnership between Olive Tree Holdings and the American South Real Estate Fund (ASREF), enables us to quickly acquire and initiate project construction. This expedites our pursuit of developments that are making a difference in the lives of the seniors and families in need," said Ian Bel, Managing Member, Olive Tree Holdings.
American South Real Estate Fund II (ASREF II) is the financial partner helping to bring this project to fruition with its $4.8 million investment in the project. ASREF II is an impact fund dedicated to the revitalization of distressed communities of color throughout the South. Previous to ASREF II, SDS Capital Group and Vintage Realty Company managed ASREF I, a Fund that invested in two Olive Tree low-income housing projects located in the Houston metropolitan area.
"We are excited to announce this investment. The 234 units of quality low-income housing underscores how our ASREF/Olive Tree partnership is making a real difference in renovating and preserving much-needed affordable residential units for Houston residents," said ASREF II Managing Partner Deborah La Franchi, Founder and CEO, SDS Capital Group. "With the acquisition of this latest project, our collaboration will have developed or preserved a total of 855 units for low-income seniors and families."
ASREF II follows the impact investment strategy of ASREF I, which committed $58 million into projects in 10 Southern states.
American South Fund Management, LLC (ASFM) is a partnership between Los Angeles-based SDS Capital Group and Vintage Realty Company of Shreveport, LA.