April Housing Closes Resyndication At North Austin Affordable Housing Community

Preserves Affordability of 240 Units for an Additional 30 Years and Drives Further Reinvestment into the Community

Includes Conversion of 47 Market-Rate Units to Affordable

LOS ANGELES, September 26, 2024 – April Housing, Blackstone Real Estate’s affordable housing portfolio company, today announced that it has completed its latest resyndication at a 240-unit community in Austin, Texas, preserving affordability for at least another 30 years. As part of the resyndication, April will convert 47 currently market-rate apartments to affordable status, adding to the supply of affordable housing for Texas residents.

With the benefit of Blackstone Real Estate’s capital and strategic vision for this platform, April continues to make strides in preserving affordability beyond when current restrictions expire in partnership with housing authorities.

In addition to preserving affordability, the resyndication provides funding for April to make improvements to the community, directly benefitting residents. April intends to support residents through an approximately one-to-two week stay away from their apartments while all 240 units undergo full renovations, including fresh paint, new appliances, countertops, floors and upgraded bathrooms. Public spaces around the community will also benefit from a new dog park, pool, upgraded BBQ pits and improved accessibility features.

Perica Bell, April Housing’s Head of Preservation, said: “Our preservation program is moving with pace and having a real impact in communities. This latest deal shows our commitment to affordable housing for the long term, especially with the conversion of current market-rate units to affordable status. We can’t wait for the residents to see the exciting improvements being implemented in the months ahead.”

Michael Gerber, CEO of the Housing Authority of the City of Austin, said: “In Austin, where affordable housing is a critical issue, HACA is proud to partner with April to preserve affordability and implement improvements to ensure a better quality of life for more than 650 families.”

With this resyndication and following previous announcements, April Housing has now preserved over 1,100 affordable housing units in 2024.