Olive Tree Affordable Housing,the affordable housing 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 $10 million comprehensive capital improvement program at The Life at Park View, a 309-unit multifamily community located within the Houston-metro area in Pasadena, Texas. Improvements at the property are currently underway, with a completion date projected for Q2 of 2023.
“As a community-first organization, Olive Tree Holdings and all company affiliates are dedicated to elevating the lifestyles of our residents across all of our multifamily communities, while simultaneously ensuring the preservation of their long-term affordability,” said Ian Bel, Managing Principal and Chief Executive Officer of Olive Tree Holdings. “We’re thrilled to share our capital improvement vision for The Life at Park View and look forward to unveiling the finished product this coming year.”
A mix of one, two, and three-bedroom apartments available to area residents earning up to 60% of the Area Median Income (AMI), all 309 units at The Life at Park View are undergoing significant modernizations, which include the installation of new flooring, counter and vanity tops, cabinet fronts and accompanying appliances. To date, 59 residences have been completed, with an additional 50 currently in progress. Improvements to the exterior façade of the community include the installation of new roofing and windows, as well as substantial plumbing and HVAC upgrades.
Built in 1968, The Life at Park View was acquired by Olive Tree Holdings in 2019. A Housing and Urban Development (HUD) insured mortgage was acquired by the firm in 2021, allowing the community to undergo the ongoing tailored capital improvement program and preserve its affordability status, which was previously slated to expire in 2025.
The announcement of the capital improvement program at The Life at Park View comes on the heels of two additional comprehensive modernization plans within the Olive Tree Affordable Housing portfolio in the Houston-metro area, the $7.8 million modernization plan at The Life at Westpark, a 312-unit affordable multifamily complex, and a $25 million capital improvement program at the 556-unit affordable multifamily complex, The Life at Grand Oaks.
To date, Olive Tree Affordable Housing manages more than 4,000 affordable units nationwide, including the substantial rehabilitation and preservation of 865 affordable housing units in the Houston-metro area, totaling more than $125 million in development costs.