April Housing, Blackstone Real Estate Portfolio Company, on Track to Become Largest Preserver of Affordable Housing in 2025
Latest Transaction Preserves Affordability of 204 Units in Cincinnati for an Additional 30 Years
Brings Total Units Preserved to over 1,500 Across Portfolio
LOS ANGELES, February 14, 2025 – April Housing, Blackstone Real Estate’s affordable housing portfolio company, today announced that it has completed its latest resyndication at a 204-unit community in Liberty Township, Ohio, preserving affordability for at least another 30 years. With this latest transaction, April Housing preserved over 1,500 affordable housing units in 2024 and is on track to be the largest preserver of affordable housing in the United States in 2025.
Blackstone Real Estate and April were able to preserve the affordability of these units for the next 30 years, just days before the affordable housing agreement was set to expire on December 31st, 2024. This action builds on Blackstone’s commitment to preserve affordable housing in the United States. Additionally, residents will benefit from an investment of $20 million to improve the community.
Kathleen McCarthy, Global Co-Head of Real Estate at Blackstone, said: “At Blackstone, we believe every resident deserves an exceptional rental experience. As stewards of the nation’s largest affordable housing portfolio, preserving affordability is critical to ensuring residents can stay in their homes. We launched April just three years ago, and are incredibly proud of the hard work the team has done to put the company on track to become the largest preserver of affordable housing in 2025.”
Alice Carr, April Housing CEO, said: “We made a significant impact in the program’s first year, preserving over 1,500 units of affordable housing at seven communities across two states. In 2024, we committed nearly $100 million to upgrades and improvements for our residents at these properties, and comprehensive renovations at those properties are well underway. With our latest endeavor, we are expanding our resyndication program into a new state and, with the size of our portfolio, we’re really just getting started.”
Perica Bell, April Housing’s Head of Preservation, said: “Transactions like these make me so proud of the work we do at April. Because of our resyndication program, we were able to prevent a market-rate conversion and this property will remain affordable for at least another 30 years, while the residents benefit from significant unit and community improvements.”
About April Housing
April Housing, a Blackstone Real Estate portfolio company, operates, preserves and creates high-quality affordable housing in the United States. April Housing prioritizes improving communities and supporting residents while expanding the available supply of affordable housing.
About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has US $315 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, data centers, residential, office and hospitality. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone’s Core+ business invests in substantially stabilized real estate assets globally, through both institutional strategies and strategies tailored for income-focused individual investors including Blackstone Real Estate Income Trust, Inc. (BREIT). Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect Blackstone’s current views with respect to the matters contained therein. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “on track,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,” “leads,” “forecast” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors also include but are not limited to those described under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, as such factors may be updated from time to time in our periodic filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in our other periodic filings. The forward-looking statements speak only as of the date of this press release, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
Contacts:
April Housing
Keosha Burns
KBurns@aprilhousing.com
Blackstone
Claire Keyte
Claire.Keyte@Blackstone.com
