The affordable housing division of a real estate investment firm recently bought a 429-unit multifamily community in Wilmington, according to a news release.

Olive Tree Affordable Housing, an affiliate of New York City-based Olive Tree Holdings, on Thursday announced its purchase of The Life at Lakeside Villas, 1519 Lake Branch Drive, the release stated. It's the firm's first property investment in North Carolina.

The $29 million transaction took place in December, according to property tax records, and the seller was Garden Lake Estates Limited Partnership.

Changes to the community are planned as a result of the purchase.

"With equity provided by the American South Fund Management Team, Olive Tree has announced a capital improvement program that is slated to begin in Q2 2023 to enhance the quality of life for residents," according to the release.

Ian Bel, managing principal and CEO of Olive Tree Holdings, said in the release, "Since inception, Olive Tree has dedicated itself to the provision and preservation of quality affordable housing options across the country. We're looking forward to applying that mission to the lives of residents at The Life at Lakeside Villas."

The Life at Lakeside Villas has 35 one-bedroom, 359 two-bedroom and 35 three-bedroom residences that are available to residents earning 60% of the area median income (AMI) or less, according to the release. The complex is made up of residential townhouse units each surrounded by open landscaping, the release stated.

The Life at Lakeside Villas is Olive Tree's fifth partnership with American South Fund Management (ASFM), which is itself a partnership between SDS Capital Group and Vintage Realty Co. According to the release, impact funds managed by ASFM target their investments into diverse low-income communities across 10 states in the South.

"We are proud that with this new investment with Olive Tree, ASFM has now funded over 2,600 units of affordable housing throughout the South," said David Alexander, ASFM managing partner, in the release.

Since the founding of Olive Tree Holdings in 2017, the firm has acquired and transformed more than 16,000 units of workforce and affordable housing communities across nine states, according to the release.