HOUSTON, TX – The Life at Grand Oaks, a 556-unit affordable rental community located in Houston s Greater Inwood neighborhood, will both add to and preserve critical affordable housing units for families in Northwest Houston.
As a local owner and operator of over 3,900 units in the Houston MSA, Olive Tree, and its The Woodlands-based affiliated property management organization, The Life Properties, bring significant expertise and experience within owning and operating affordable housing properties within and around the City of Houston to The Life at Grand Oaks.
The Property will undergo a $23M substantial rehabilitation, beginning in September 2021, including a comprehensive sustainable retrofit of its plumbing, electric and HVAC systems, to position it as safe, high-quality affordable housing for years to come.
The $85M redevelopment project was made possible through the support of Olive Tree s financing and development partners. The financing includes a taxable construction loan provided by JP Morgan Chase, an unfunded Fannie Mae MTEB loan serviced by JP Morgan Chase, and an equity investment in 4% low-income housing tax credits by Affordable Housing Partners.
Olive Tree want to thank the Texas Department of Housing and Community Affairs for its determination of 4% Low-Income Housing Tax Credits and the Houston Housing Finance Corporation for its allocation of tax-exempt bonds. Olive Tree would also like to thank the City of Houston and the Near Northwest Management District for their support of the project, its design and construction partners BASIS Architecture and Consulting and Pavilion Construction, and the many other stakeholders who played a role in bringing the project to fruition.
In addition to The Life at Grand Oaks, Olive Tree Affordable Housing Development closed The Life at Parkview in May 2021, a HUD-insured substantial rehabilitation located in Pasadena, TX. In total, the firm has financed the substantial rehabilitation and preservation of 865 affordable housing units, over $125M in development costs, in the Houston-metro in 2021. The firm s pipeline within the Houston-metro for the remainder of 2021 includes the preservation of an additional 312-units and $59M in development costs.
Both projects demonstrate the value our adaptive approach to affordable housing preservation makes and we are pleased to be afforded opportunities such as these to provide solutions for the long-term preservation of affordable housing to our Partners, says Brennan Sanders, Vice President of Affordable Housing Development at Olive Tree.

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JACKSONVILLE, FL – Robbins Property Associates, a Tampa-based vertically integrated multifamily owner and operator, has bought the SoBA Luxury Apartments, one of Jacksonville’s ;newest downtown residential developments. Robbins Property Associates bought the property from Atlanta-based Catalyst Development Partners.
The four-tale boutique residential community is located on the Southbank in the rapidly expanding downtown submarket of Jacksonville (urban core). The property’s downtown location offers residents a luxury city lifestyle in a walkable neighborhood. Located within walking distance from San Marco Square, SoBA is positioned near highly desirable dining, shopping, and entertainment. The central downtown location also gives direct access to Jacksonville’s finest medical institutions, thriving art scene, and bustling Central Business District.
“We started refocusing on Jacksonville as a target market in early 2020 and are excited to re-establish a presence in the city. The timing was ideal as Jacksonville quickly tightened both in terms of occupancy and rent growth emerging from the pandemic, and we plot to continue our expansion in the market,” said Neal Herman, Managing Director of Investments at RPA.
The 147-unit project was completed in 2020 and offers one-, two-, and three-bedroom apartment homes with open-concept floor plans. The units feature sophisticated finishes that include gourmet kitchens with granite countertops and stainless-steel appliances, walk-in closets, and patios with gorgeous city views.
Residents delight in a luxury-grade amenity package consisting of a stunning resort-style pool with in-water lounge chairs, a state-of-the-art 24-hour fitness club, and an outdoor yoga garden. Additional outdoor amenities include an open-air game lounge, a summer kitchen with gas grill stations and community-style dining, and an outdoor lounge adorned with market lights and a gas fire pit. As a pet-friendly community, SoBA offers an indoor self-service grooming spa for four-legged residents.
The community also showcases a grand clubroom with a Starbucks beverage café, game room, and business lounge. SoBA’s business lounge and co-working spaces become a hub of creativity while promoting comfortable nooks and a private meeting room to maximize productivity.
“SoBA’s residents will really appreciate the walkability to both San Marco and downtown Jacksonville’s riverfront,” said Kristi King, COO at RPA. “SoBA provides a boutique-style community with high-end interior end and amenities in direct proximity to healthcare jobs and an established retail and restaurant hub.”

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ATLANTA, GA – Triumph Properties bought Sugarloaf Grove, a 194-unit apartment community built in 2020, located in Lawrenceville, GA. This was an off-market acquisition that Triumph was able to take advantage of due to their ability to go quickly with an offer, due diligence, and closing. Triumph closed all-cash with no loan, for a total buy price of $50,440,000.
The property offers state of the art amenities, including a poolside gym with roll up doors, a large Baja shelf in the pool, and a bark bar for residents to interact while spending time with their pets. Select units also feature large, fenced-in backyards with wooded views.
In May 2021, Triumph Properties formed a JV Partnership with GMF Capital to buy Azalea at West Melbourne, a 316-unit apartment community built in 2020, located in Melbourne, FL. The Property offers large units, home-like finishes, and a resort style list of amenities, including two on-site lakes. Due to its strategic location, Azalea at West Melbourne is poised to take advantage of the growing aerospace and defense contracting boom that has been a driving force behind the economy.
Additionally, Triumph Properties bought Main Street Lofts at Verrado, a 45-unit apartment community, that is part of a mixed-use development forming the heart of downtown Verrado in Phoenix, AZ. The property was bought in July 2021 for $10,500,000 all-cash, as an off-market transaction, with Berkadia representing Triumph Properties.
Built in 2004, the units offer unique floorplans, with select units featuring loft layouts, expansive ceilings, and spacious floor plans. The property is central to the immaculate master plotted Verrado Community. It sits above desirable retail, restaurants, grocery stores, and is steps away from the impressive Center on Main, featuring Verrado’s large community gym, pool, and recreation facilities. Triumph intends to make interior unit improvements and elevate the residents’ living experience.
These three acquisitions fulfill Triumph Properties’ strategy of acquiring newer assets at a favorable basis and cap rate, compared to older value add deals. Triumph is looking to buy another $150 million of suburban, garden apartments that are currently in lease up or finishing construction. Land acquisition for development, and JV development opportunities are also part of Triumph’s near-term investment strategy. Target markets include Phoenix, Denver, Salt Lake City, Atlanta, Tampa, Charlotte, Raleigh/Durham, Nashville, and Las Vegas.

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