SPRINGDALE, AR – Funding has been secured to buy and start the renovation of The Life at Elwood Grove (formerly known as Springdale Ridge Apartments,) a 192-unit affordable multifamily apartment community in Springdale, Arkansas. The 16-building garden style project is being rehabilitated by Olive Tree Holdings. Life at Elwood Grove is Olive Tree’s 40th multifamily acquisition. This is Olive Tree’s fourth partnership with American South Real Estate Fund (ASREF) I and II, managed American South Fund Management (ASFM), a partnership between SDS Capital Group and Vintage Realty Company. All 192 units will be rented at rates affordable to low-income families.
“Olive Tree’s mission has centered on finding and improving existing assets or new projects that can provide quality housing to workforce households and families across the country. With The Life at Elmwood Grove development, we now manage over 8,000 units of affordable housing nationally, meeting a critical need within underserved communities,” said Ian Bel, Principal, Olive Tree.
The development is located near major employers that include the University of Arkansas, Tyson Foods and Walmart’s global headquarters. The Fayetteville MSA has experienced 2% annual growth for the past decade. Median home values have increased by approximately 20%, with median household income rising by just 2.3%. Income levels within a 5-mile radius of the apartment complex are below 80% of area median income (AMI), with The Life at Elmwood Grove units being affordable to families at this income level.
“The ongoing partnership between ASREF and Olive Tree continues to provide tremendous benefit to low-income residents across the South. The Life at Elmwood Grove adds 192 affordable-housing units — an increase to a total of 1,050 units – that ASREF and Olive Tree have developed in partnership,” said Deborah La Franchi, ASREF Managing Partner.
ASREF II targets their impact investments into distressed communities of color within a 10-state footprint across the South. ASREF financing will support significant renovations at The Life at Elmwood Grove development that will improve the quality of their units and complex surroundings without sacrificing affordability. Olive Tree Holdings currently has more than 2,000 multifamily units under consideration for future development.

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SAN ANTONIO, TX – San Francisco-based real estate investment firm Hamilton Zanze announced the sale of Salado Springs Apartments in the desirable Airport Area submarket of San Antonio, Texas. The firm bought the property in 2015 and the sale closed on November 18, 2021.
During their ownership, Hamilton Zanze completed numerous exterior improvements and landscaping improvements, and renovated units with new flooring, appliances, hardware, and paint to improve leasing efforts and increase rental rates.
“San Antonio is the second largest city not only in Texas but the Southern U.S. It has seen strong growth with a growing preference for apartment living,” said Anthony Ly, director of dispositions at Hamilton Zanze. “The sale of Salado Springs is a result of successful capital improvement programs and strong management of the property.”
Salado Springs was built in 1997 and is located at 12727 Vista Del Norte in San Antonio. The property comprises 352 one-, two-, and three-bedroom units averaging 856 square feet. The community is pet-friendly and has a resort-style pool and spa, 24-hour fitness center, movie theater, picnic area with barbecues, covered parking, and a dog park.
Salado Springs is in the Airport Area submarket of the San Antonio metro area. The community is near Interstate 410, Interstate 10, and the San AntonioInternational Airport, which provides nonstop flights to domestic and international destinations. The property is less than a 25-minute drive from The San Antonio River Walk, one of San Antonio’s top tourist attraction. The area around Salado Springs is home to a cluster of San Antonio’s most well-established and upscale communities. San Antonio benefits from stable employment growth from the healthcare industry, military, and aerospace manufacturing.

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TAMPA, FL – CVS Health announced it will invest $7.7 million with Raymond James Tax Credits Funds to build a 61-unit multifamily apartment home development called Uptown Sky for families in Tampa. This investment is part of the company’s commitment to address racial difference and social determinants of health in underserved communities.
“When people have access to high-quality, affordable housing, it puts them in a better position to take care of their health and manage chronic disease,” said David Casey, SVP and Chief Diversity Officer, CVS Health. “As part of our commitment to address social justice and racial difference, we’re addressing social determinants of health at the community level in Tampa, which is where we can make a meaningful and lasting impact.”
The new Uptown Sky development will be located at 13603 North 12th Street in Tampa. Data compiled from the Census indicates that approximately 75% of residents identify as Black or Latino, and 60% live below the poverty line. Additionally, according to a recent report from the National Low-Income Housing Coalition, nearly half of American workers don’t earn enough to afford a one-bedroom apartment, and Tampa is reaching its highest rates to date, with rent increasing more than 20% in the last year.
CVS Health is working with co-developers Blue Sky Communities and University Area Community Development Corporation, a Tampa-area nonprofit, to develop Uptown Sky and provide comprehensive support to residents. Blue Sky Communities is a leading advocate for helping nonprofits and local governments reach their affordable housing goals by developing state of the art, environmentally-sound affordable housing units. University Area Community Development Corporation is focused on championing positive change in the economic, educational and social levels of the Tampa community through youth programs, adult education, affordable housing, workforce and resource help, and community engagement.
“This investment by CVS Health provides a vital link between huge business and urban redevelopment,” said Shawn Wilson, President of Blue Sky Communities. “Many organizations recognize the impact that quality affordable housing and access to health care have on someone’s health and well-being, but it takes the financial commitment of partners like CVS Health and Aetna to help provide those services to communities in need.”
Uptown Sky will provide two and three-bedroom housing units at a reduced rent to families with demonstrated need. Additionally, all residents will have access to on-site supportive services in the neighborhood center located on the bottom floor of the building. It will serve as a hub for residents and will offer computer training, homeownership programs, workforce training and financial management programs. It will also include a multi-purpose classroom where individuals will have access to classes to encourage healthy habits, including art, dance, yoga and karate.
“We know that housing insecurity can have a major impact on a person’s health and well-being,” said Richard Weiss, President of the Florida Market for Aetna, a CVS Health company. “Our investment in the Florida community will ensure that individuals and families have access to quality, affordable housing.”

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