ASREF II's $12.3M preferred equity investment will assist in the renovation of 429 units at The Life at Lakeside Villas in Wilmington, North Carolina.
The Life at Lakeside Villas (formerly known as the Village at Greenfield) is a 429-unit affordable multifamily community located in Wilmington, NC. Originally built in 1941, the project is attractively situated in the South Hanover County submarket just west of Downtown Wilmington. The complex is made up of residential townhouse units, each surrounded by open landscaping. The community also features a playground and community center for residents to enjoy, as well as public transportation access.
The community currently has a Land Use Restrictive Agreement (LURA) that requires that 100% of the units be affordable to individuals making less than 60% AMI. The community offers a mix of 35 one-bedroom, 359 two-bedroom, and 35 three-bedroom residences. Olive Tree Holdings acquired and is redeveloping the building. ASREF’s $12.3 million investment helps facilitate Olive Tree’s capital improvement program, including security upgrades, energy efficiency implementations, amenity improvements, landscaping upgrades, and a variety of administrative and property office improvements, preserving the availability of affordable housing in this LMI area.
| Asset Type | Multi-FamilyResidential |
| Development Type | Renovation |
| Previous Use | Multi-Family Residential |
| Investment Closing Date | December 16, 2022 |
| Total Development Area | 54.3 acres (303,880 SF) |
| Construction Timeframe | Start: Q2 2023; Finish: 2026 |
$22.1M
$22.1M
$7.5M
$4.8M
$2.6M
$14.8M
American South Capital Partners collects each project's census tract income level at the time of close as part of CRA reporting guidelines. Source: Federal Financial Institutions Examination Council Geocoder.
OLIVE TREE HOLDINGS is a New York-based multifamily owner that targets blighted properties in highly impoverished neighborhoods and implements a business plan across its portfolio to help increase occupancy and retention and reduce crime. The current portfolio consists of 29 properties (approximately 10,000 units) in Houston, Dallas, Northwest Arkansas, and the Midwest. In June 2025, American South Real Estate Fund II (ASREF Lakeside Manager, LLC) assumed the role of managing member of the project. In 2024, Olive Tree became a distressed sponsor, and ASREF worked with the senior lender, Key Bank, on a loan modification that required a $3.97 million senior loan paydown.
| Location | 1519 Lake Branch Dr, Wilmington, NC, 28401 |
| Area | Wilmington Metropolitan Statistical Area |
| LMI Community Status | Low |
| Unemployment Rate | 15% |
| Poverty Rate | 47% |
| % Minority | 52% (42% African American) |
The Life at Lakeside Villas is located just west of Downtown Wilmington. It is in a predominately minority census tract (52%) with a 47% poverty rate, almost four times higher than the state’s poverty rate of 13%. The apartment community is located within a Low Income census tract. However, the property has convenient linkages to a plethora of retail centers, employment drivers, and lifestyle amenities. Historically considered a tourism-centric economy, Wilmington has continued to diversify in recent years and shows strong job growth in the professional and business services sectors as well as in trade, transportation, and utilities. The port of Wilmington is within 700 miles of over 70% of the US industrial base, and demand for affordable coastal living remains strong.
The acquisition of the 429-unit, affordable community, The Life at Lakeside Villas, formerly known as Village at Greenfield Apartments, is ASREF II’s second project in North Carolina.
Gabriel Frank reports on Olive Tree’s acquisition of The Life at Lakeside Villas, a 429-unit affordable townhome community.
With equity provided by ASREF II, a partnership between SDS Capital Group and Vintage Realty Company, Olive Tree has announced a capital improvement program that is slated to begin in Q2 2023 to enhance the quality of life for residents.
Real Estate Weekly reports on the acquisition of The Life at Lakeside Villas, a 429-unit, affordable multifamily community located in Wilmington, NC.
ASREF II’s $12.3 million preferred equity investment in The Life at Lakeside Villas will preserve the availability of quality affordable housing in an LMI area. The redevelopment will improve the quality of the asset.
