fbpx Skip to content

Blackstone Forms New Company for Push Into Affordable Apartments

Blackstone Inc. is forming a company to manage investments in affordable housing as the firm builds an operation to support a new strategic push.

The investing giant is hiring veteran lender Alice Carr to lead the new company, called April Housing. Carr, previously head of community development banking for JPMorgan Chase & Co., will oversee an initial portfolio of 90,000 units, according to a statement Wednesday.

While Blackstone has long been a major owner of apartment properties, it has recently increased its focus on the part of the U.S. housing market where rents are government-regulated. In one major deal, the firm acquired about 80,000 apartments from insurer American International Group Inc., buying properties operated under the federal low-income housing tax credit program.

Virtually all of the units in April Housing’s initial portfolio are regulated under the program, which provides financial incentives to investors while restricting their ability to increase rents. The apartments will remain rent-restricted for another 20 years on average, and Blackstone plans to keep the properties affordable over the longer term, according to the statement.

Blackstone to spend $1 billion offering tenants reduced rents

Blackstone’s nontraded real estate investment trust, known as BREIT, has been central to the firm’s affordable housing effort. A typical private equity fund is expected to return capital to investors after a set period. BREIT, a fundraising juggernaut, provides Blackstone with perpetual capital, allowing it to hold properties for a longer period.

The firm said it chose the name April because it means “to open” and “aligns with Blackstone’s goal of opening new paths to preserve and expand the supply of affordable housing.” April Housing plans to spend more than $500 million over the next decade to improve its apartment communities, according to the statement.

©2022 Bloomberg L.P.


All information is deemed reliable, but is not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Michael Ruff | Real Broker LLC shall be responsible for any typographical errors, misinformation, or misprints. Listing information is provided for consumer personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law. Listing data comes from Beaches MLS. All information regarding a property for sale, rental, taxes or financing is from sources deemed reliable. No representation is made as to the accuracy thereof, and such information is subject to errors, omission, change of price, rental, commission, proper sale, lease or financing, or withdrawal without notice. All square footage and dimensions are approximate. Exact dimensions can be obtained by retaining the services of a professional architect or engineer.


Reset password

Enter your email address and we will send you a link to change your password.

Powered by Estatik