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Presbyterian Villages of Michigan and April Housing Announce Agreement in Another Step to Preserve Affordable Housing
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April Housing to Donate $350,000 to Presbyterian Villages of Michigan Foundation to Fund Redevelopment ofOakland Woods I Community
SOUTHFIELD, Mich.--(BUSINESS WIRE)--
Presbyterian Villages of Michigan (“PVM”), a leading faith-based non-profit dedicated to serving seniors, and April Housing, a Blackstone (NYSE: BX) portfolio company, today announced a successful resolution to the litigation April Housing inherited from the property’s prior limited partner. Under the agreement, PVM will become the sole owner of two apartment communities in Michigan that serve low-income senior residents, including The Village of Oakland Woods I (150 units in Pontiac) and Woodbridge Estates (100 units in Detroit).
To support PVM’s crucial work, April Housing is donating $350,000 to Presbyterian Villages of Michigan Foundation to assist in funding the future redevelopment of the Oakland Woods I Community.
“PVM appreciates the constructive approach taken by Blackstone and April Housing in recent months to reach a resolution to this legacy dispute,” said Roger L. Myers, President and CEO of PVM. “We look forward to the potential of future partnerships with April Housing in pursuit of our common goal of developing and preserving affordable housing. The national investment and large-scale preservation commitment made by Blackstone and April Housing is a significant positive development to the field of affordable housing.”
Alice Carr, CEO of April Housing, said, “We are pleased to reach an agreement with PVM that supports our shared mission of preserving affordable housing and settles this dispute. April is a new company in the industry and we are steadfast in our commitment to that mission, including supporting the important role non-profit groups such as PVM play. In getting to know the team at PVM, we have come to admire its dedication, reputation and leadership in providing quality housing, services and programs across Michigan and hope to work together in the future.”
About Presbyterian Villages of Michigan (PVM)
PVM is a non-profit, faith-based, aging services network that was founded in 1945. It serves over 7,500 seniors of all financial means and in diverse settings across Michigan’s lower peninsula. Its Mission is “Guided by our Christian heritage, we serve all seniors creating new possibilities for quality living”, with a Vision of “We will continue to transform senior living and services, enhancing the communities we serve”. For more information, please visit www.pvm.org.
About April Housing
April Housing, a Blackstone Real Estate portfolio company, is a leading provider of solutions and capital for the preservation and creation of high-quality affordable housing in the United States. Centered around best-in-class management services, April Housing prioritizes improving communities and supporting residents while expanding the available supply of affordable housing. Further information is available at www.aprilhousing.com.
blackstone is the world’s largest alternative asset manager. we seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. we do this by using extraordinary people and flexible capital to help companies solve problems. our $731 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. further information is available at www.blackstone.com. follow blackstone on twitter @blackstone.
