A $7.8 million modernization effort is nearing completion at a 312-unit affordable housing development in Houston.
Olive Tree Affordable Housing, an affiliate of Olive Tree Holdings, expects to complete the capital improvements at The Life at Westpark by the end of the second quarter.
Built in 1994 and acquired by Olive Tree Holdings in 2019, the development is an amenity-rich, pet-friendly community comprised of two-, three-, four-, and five-bedroom apartment homes reserved for those earning up to 60% of the area median income (AMI).
In 2022, Olive Tree Holdings acquired a Department of Housing and Urban Development-insured mortgage to undergo substantial improvements to preserve Westpark’s affordability status, which was previously set to expire in 2025 and now will be extended for an additional 75 years.
Interior upgrades consisted of comprehensive improvements to 188 of Westpark’s residences, 78 of which are designated “fair housing accessibility” units. These upgrades included the installation of new flooring, cabinets, counter and vanity tops; new sinks and service lines for both the kitchen and bathrooms; upgraded appliances; and two-tone painted walls. Additionally, select units as needed are receiving new water heaters and HVAC systems.
Exterior upgrades completed to date include full roof replacements throughout the community as well as the addition of exterior gate water valves. Final touches will include concrete work and exterior paint, further boosting the aesthetic appeal of the property.
Founded in 2017, Olive Tree Holdings has acquired and transformed more than 16,000 units of workforce and affordable housing communities across nine states, including preserving the affordability of 865 units within the Houston metro, totaling $125 million in development costs.
