April Housing and Dominium Bring Development Partnership to Colorado with Plans for 222 New, Affordable Housing Units
Blackstone to provide $37 million of tax credit equity to Dominium’s Atria at Metro Center development in Denver
LOS ANGELES & DENVER, Jan. 8, 2024 — April Housing (“April”), a Blackstone Real Estate portfolio company, and Dominium, a leading affordable housing owner, developer, and manager, today announced plans to develop 222 age-restricted units of new affordable housing in Aurora, Colorado. In line with April’s mission to preserve and create new affordable housing across the country, Blackstone is providing $37 million of tax credit equity to begin development of the community, which will be named Atria at Metro Center. This builds on April Housing and Dominium’s development of 568 low-income tax credit units to date, bringing the total to nearly 800 new, affordable units, made possible by the relationship with Dominium and Blackstone’s cumulative $116 million investment.
Atria at Metro Center will be an age-restricted, seniors’ property, which will be available to those earning on average at or below 60 percent of the area median income. The property will be situated in Aurora near the light rail and several major highways, convenient shopping and medical centers, and Denver International Airport. Atria at Metro Center will feature several community amenities including a clubhouse, business center, exercise facility, library, and beauty salon. The development will also include a pocket park and public art.
“Dominium is excited about the opportunity to be able to create 222 new affordable homes for Colorado seniors. It’s taken a team of committed lenders along with April Housing as an equity partner to be able to start construction on these important homes,” said Ron Mehl, Dominium’s Senior Vice President & Project Partner in Colorado.
“We are delighted to build our third affordable community in partnership with April Housing and Blackstone,” said Mark Moorhouse, Managing Partner and Executive Vice President of Development at Dominium. “Both April Housing and Blackstone have been tremendous partners, and we couldn’t be more excited about what we can accomplish together for the residents and communities we serve.”
“Creating communities like this one adds to critically needed affordable housing supply while facilitating financially stable, independent lives for seniors,” said Alice Carr, CEO of April Housing. “We are proud to be part of this development project, are grateful for Blackstone’s investment and look forward to continuing to grow our relationship with Dominium.”
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. April Housing prioritizes improving communities and supporting residents while expanding the available supply of affordable housing. Further information is available at www.aprilhousing.com.
Founded in 1972, Dominium is a leading national owner, developer, and manager of affordable apartment communities with offices in Atlanta, Dallas, Phoenix, and Minneapolis. Owning and managing over 38,000 homes at over 230 sites in about half of all U.S. states, Dominium is known for creative solutions to unique and challenging development projects, and property management expertise. Dominium was named a Best Managed Company by Deloitte in 2020. For more information, visit www.dominiumapartments.com.