Olive Tree Holdings, a mission driven private investment company with a focus on real estate, today announced a $6.9 million comprehensive capital improvement initiative at The Life At Northwest Gardens, a 366-unit multifamily community located at 5816 W. 38th Street in Indianapolis, Indiana. Capital improvement efforts are currently underway.
“When we first invested in The Life at Northwest Gardens, the property was in very poor condition and in violation of many area codes, so quickly enacting a capital improvement plan was of paramount importance to us, said Ian Bel, Managing Principal and Chief Executive Officer of Olive Tree Holdings. “Our team has long been committed to enhancing the quality of life for our residents in Indianapolis across our portfolio of communities within the region and plan to continue investing in and growing with this community and its residents for years to come.”
The Life at Northwest Gardens consists of 366 spacious apartments, a mix of one-, two-, three- and four-bedroom residences equipped with ample closet space, eat-in kitchens, air conditioning, and private balcony spaces. Interior in-unit residence upgrades consist of flooring replacements, the implementation of new countertops and appliances and significant upgrades to the heating systems. Additional interior renovations include the implementation of new paint, flooring and stair treads throughout the community’s hallways as well as flooring revamps and a newly built kitchen with full finishes for property staff and residents within the on-site office and resident clubhouse areas.
Upgrades to the exterior property façade and shared resident amenity spaces consist of roof replacements, new paintwork, enhanced landscaping design, repairs to the asphalt throughout the community, the installation of new cameras and upgrades to the LED lighting across the property. In addition, upgrades to the community’s existing pool are slated to commence soon and will be completed and ready for resident use this summer and plans are in motion to build out a resident mailbox pavilion.
Since Olive Tree Holdings’ inception in 2017, the firm has acquired and transformed over 16,000 units of workforce and affordable housing communities across 8 states. With each multifamily acquisition, the firm maps out a tailored capital improvement program that will revitalize the property, amenities, and units, which elevates the lifestyle of residents and has a positive impact on the local community.