Blackstone is extending its affordable housing reach with the launch of a portfolio company and the hiring of industry veteran Alice Carr.
The firm announced the formation of April Housing to serve as a provider of solutions and capital for the creation and preservation of high-quality affordable housing throughout the United States. April Housing will oversee and preserve affordability of an initial portfolio of over 90,000 housing units recently acquired by Blackstone Real Estate Income Trust (BREIT).
The move comes after BREIT recently took over the interests in a huge affordable housing portfolio from American International Group (AIG). The firm recently closed on a $5.1 billion sale involving approximately 80,000 units across more than 650 assets nationwide.
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