Olive Tree Affordable Housing, an affiliate of Olive Tree Holdings, a real estate investment firm focusing on value-add multifamily projects in dynamically growing markets across the United States, today unveiled its $7.8 million modernization plan at The Life at Westpark, a 312-unit affordable multifamily complex in Houston. Property improvements are currently underway, with final completion slated for Q1 of 2023.
The interior upgrades, which consist of comprehensive improvements to 188 of Westpark’s residences, 78 of which are designated Fair Housing Accessibility (FHA) units, include new flooring, cabinets, countertops and vanity tops, new sinks and service lines for both the kitchen and bathrooms, upgraded appliances and two-tone painted walls, with select units receiving new water heaters and HVAC systems. 30 residence upgrades have been completed to date, with an additional 52 currently in progress. Exterior upgrades completed to date include full roof replacements throughout, and the addition of exterior gate water valves.
Remaining rehabilitation efforts at The Life at Westpark include the completion of the interior residence upgrades, the installation of new windows and sidewalks throughout the complex, the addition of new accessible parking offerings, building siding and wood repairs and the creation of a refurbished leasing office.
Built in 1994 and acquired by Olive Tree Holdings in 2019, The Life at Westpark is an amenity-rich, pet-friendly community comprised of two-, three- four- and five-bedroom apartment homes reserved for those earning up to 60 percent of the area median income (AMI). In 2022, Olive Tree Holdings acquired a Housing and Urban Development (HUD) insured mortgage to undergo substantial capital improvements to preserve Westpark’s affordability status, which was previously set to expire in 2025 and will now be extended for an additional 75 years.
To date, Olive Tree Affordable Housing manages more than 4,000 affordable units nationwide, including preserving the affordability of 865 units within the Houston-metro area, totaling $125 million in development costs.