April Housing Preserves and Expands Affordable Housing at North Dallas Community

Preserves Affordability of 220 Units for an Additional 30 Years and Provides Further Reinvestment into the Community

53 Market-Rate Apartments will be Converted to Affordable Housing

Over 1,300 Affordable Apartments Preserved by April Housing across Texas in 2024

LOS ANGELES, December 18, 2024 – April Housing, Blackstone Real Estate’s affordable housing portfolio company, today announced that it has completed its latest tax credit resyndication at a 220-unit community in North Dallas, Texas, preserving affordability for at least another 30 years. As part of the transaction, April will convert 53 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 preserve and extend affordability in partnership with state and local agencies.

In addition to preserving affordability, the transaction provides funding for April to make over $20 million in improvements to the property, directly benefiting residents. April intends to support each resident through an approximately one-to-two week stay away from their apartment while the 220 units undergo full renovations over the course of the next year. Renovations include fresh paint, new appliances, countertops, floors and upgraded bathrooms. Public spaces around the community will also benefit from improved accessibility, LED lighting upgrades, security features and a full refresh of the community center with upgraded amenities.

Perica Bell, April Housing’s Head of Preservation, said: “We’re thrilled to be able to renovate and upgrade the individual units, amenities and basic security needs for the residents of this community, all while preserving its affordability.”

A Dallas Housing Finance Corporation spokesperson said: “The Dallas Housing Finance Corporation is proud to partner with April Housing to meaningfully improve the quality of life for the residents at this affordable housing community. These public private partnerships provide an opportunity for our most vulnerable residents to access safe and affordable housing.”

April Housing has preserved over 1,300 affordable housing units in 2024 inclusive of previous announcements.