April Housing Kicks Off Preservation Program by Resyndicating Texas Properties
The firm will begin renovations on four developments, with more in the pipeline.
By Donna Kimura August 28, 2024
April Housing announced that it has completed initial resyndications of four Texas properties with a combined 898 units.
The firm has gone through the process of obtaining low-income housing tax credits (LIHTCs) and bonds and lining up the necessary financing to begin renovations at developments in Austin, Dallas, and Fort Worth.
The Texas deals are notable because they mark April Housing’s first such closings and set the stage for the company’s preservation program.
“This is just the start of a very prolific resyndication program and the start of executing on our commitment to preserving affordability at our portfolio,” says Alice Carr, CEO of April Housing.
The move will extend the affordability of the properties for another 30 years and preserve the assets by rehabilitating the communities.
April Housing intends to support residents through an approximately one- to two-week stay away from their apartments while the units are renovated. Residents will return to a renovated apartment, complete with improvements such as stainless steel appliances, quartz countertops, new floors, fresh paint, and upgraded bathrooms. The effort will also include roof replacements, structural and façade repairs, and new amenity and green spaces.
PNC Multifamily Capital is the investor and lender in the recent Texas deals.
April Housing hopes to close several more transactions by the end of the year, according to Carr.
In 2022, funds affiliated with Blackstone Real Estate launched April Housing, which is focused on the creation and preservation of affordable housing throughout the United States. The resyndication of older LIHTC properties is part of a series of moves that April Housing has made as part of a larger strategy to preserve affordable housing across its 70,000-unit portfolio.
On average, the firm’s properties are about 23 years old and have varying levels of restrictions remaining on them, according to Carr.
The firm, in collaboration with Dominium, has also invested in the construction of nearly 800 new affordable homes in Arizona and Colorado. It has also been withdrawing qualified contract applications submitted by previous property owners to preserve affordable rents, according to the company.
In addition, officials say they are working with state and local government agencies across the country to extend affordability restrictions. April Housing’s portfolio includes properties in 40 states.
“Preserving affordable housing has never been more important in our country, and doing so at this speed and scale requires unprecedented effort and coordination across the industry,” says Perica Bell, April Housing’s head of preservation. “By partnering with exceptional public agency and nonprofit partners, as well as well-resourced responsible capital, our preservation program is delivering for our residents.”
