Olive Tree Affordable Housing, an affiliate of Olive Tree Holdings, a mission driven private investment company focusing on value-add multifamily projects in dynamically growing markets across the United States, today announced its plans for a $25 million, full-scale capital improvement program at The Life At Grand Oaks in Houston, Texas. With improvements currently underway, the 556-unit Affordable multifamily complex’s modernization is on schedule to be completed mid-year 2023.
“In partnership with local elected officials and current residents of The Life at Grand Oaks, we tailored a comprehensive capital improvement program to best meet the needs of and enhance the quality of life for both residents and the greater Houston-Metro community,” said Ian Bel, Managing Principal and Chief Executive Officer of Olive Tree Holdings. “Preserving and maintaining affordability while simultaneously elevating the resident experience across our multifamily portfolio is at the core of our company’s operations and we look forward to finalizing this capital improvement plan next year.”
Interior upgrades across the 556-unit community include the implementation of new flooring, countertops and vanity tops, elevated lighting fixtures, new sinks with accompanying service lines to kitchen and bathroom areas, and HVAC replacements. To date, 177 residence upgrades have been completed, with an additional 64 units in progress. Exterior upgrades completed thus far include the resurfacing of the pool and deck amenity areas, parking lot and concrete walkway replacements, irrigation system and masonry repairs. In addition, Olive Tree Affordable Housing has invested $100,000 in upgraded state-of-the-art security features throughout the complex, including the installation of high-resolution cameras and enhanced LED lighting, a panelized privacy wall along the complex’s exterior, and more.
Remaining rehabilitation efforts at The Life at Grand Oaks include the additions of new exterior siding and wood, fresh exterior painting, the installation of new windows and gutters throughout the complex, landing area and patio resurfacing, and the creation of an on-site dog park. The Life at Grand Oaks leasing office will additionally undergo interior upgrades as current and prospective residents look to visit and tour the community.
Built in 1982, The Life at Grand Oaks was acquired by Olive Tree Holdings in 2021. JPMorgan Chase provided $56 million in construction financing as well as a more than $45 million Fannie Mae Multifamily Tax-Exempt Bond (MTEB) permanent loan for the substantial capital improvement project, ensuring the project qualified for LIHTC equity through the utilization of tax-exempt bonds. The community consists of one and two-bedroom apartment homes reserved for those earning up to 60% percent of the area median income (AMI). Community amenities include a swimming pool, resident clubhouse, cyber room, on-site laundry center, playground, and picnic pavilion.
To date, Olive Tree Affordable Housing has preserved the affordability of over 4,000 units nationwide, including more than 865 within the Houston-metro area, totaling $125 million in development costs.