Blackstone Real Estate Announces Formation of April Housing
New Company Furthers Blackstone’s Commitment to Creating and Preserving Affordable Housing
NEW YORK & LOS ANGELES – February 23, 2022 – Blackstone (NYSE: BX) today announced its new portfolio company, April Housing, which will serve as a leading 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, Inc. (BREIT).
April Housing’s commitment to preserving the affordability of this critical housing stock on a long-term basis is made possible by BREIT’s perpetual capital structure. Rents at virtually all of the April Housing properties are set by government regulation through the Low Income Housing Tax Credit (LIHTC) program. The rent restrictions have, on average, 20 years of remaining term, and significantly, Blackstone intends to keep them affordable for the long-term.
In conjunction with the creation of the new portfolio company, Blackstone appointed Alice Carr as Chief Executive Officer of April Housing, effective May 2, 2022. Ms. Carr has dedicated her entire career to investing in communities and economic development projects in underserved markets across the United States and expanding access to affordable housing. Ms. Carr brings more than 25 years of industry experience and in this role, will be responsible for leading all aspects of April Housing’s strategy and operations, furthering Blackstone’s commitment to preserving and expanding the supply of affordable housing.
“The need for quality affordable housing has never been greater, and I’m honored to step into this role to identify innovative solutions and bring additional capital to the affordable housing crisis,” said Ms. Carr. “Blackstone’s unwavering dedication to this space is clear, and I am energized and excited by the opportunity to work alongside a truly best-in-class team to preserve and expand the affordable housing stock in the U.S.”
Ms. Carr joins April Housing from JPMorgan Chase (JPMC), where she most recently served as Head of Community Development Banking and led a team that financed the construction and rehabilitation of affordable housing to both low-income families and seniors across the U.S. At JPMC, Ms. Carr served as a member of the Inclusionary Leadership Forum for the Commercial Bank and was the executive sponsor of the Diversity, Equity and Inclusion (DEI) Council for the Commercial Real Estate Business. She also served on the executive leadership committee for the firm’s Racial Equity Commitment. Ms. Carr currently serves on the Board of Directors for Enterprise Community Investment and Enterprise Community Loan Fund. Ms. Carr began her career at Low Income Investment Fund, a nonprofit Community Development Financial Institution (CDFI) focused on affordable housing and small business lending.
Kathleen McCarthy, Global Co-Head of Blackstone Real Estate, said “Alice’s skillset, experiences and distinguished track record in affordable housing make her the ideal leader for April Housing. Her mission-driven values are highly aligned with Blackstone’s approach to housing and will be invaluable as we work to extend the affordability programs in our portfolio and expand the country’s affordable housing supply.”
April Housing is committed to providing best-in-class management, improvements to properties and support to residents. Over the next decade, April Housing intends to invest over $500 million to improve communities while maintaining the affordability of the properties. The company is headquartered in Los Angeles and will oversee the affordable housing assets previously acquired from American International Group, Inc. and The Cornerstone Group. These communities are located throughout the U.S. in cities including Austin, Dallas, Denver, Fort Lauderdale, Houston, Los Angeles, Miami and San Francisco.
The new brand identity reflects the ethos of the organization. The name “April,” which means “to open,” aligns with Blackstone’s goal of opening new paths to preserve and expand the supply of affordable housing.
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. April Housing’s initial portfolio consists of more than 90,000 LIHTC apartments throughout the U.S. Further information is available at aprilhousing.com.
About Blackstone Real Estate Income Trust, Inc.
Blackstone Real Estate Income Trust, Inc. (BREIT) is a perpetual-life, institutional quality real estate investment platform that brings private real estate to income focused investors. BREIT invests primarily in stabilized, income-generating U.S. commercial real estate across key property types and to a lesser extent in real estate debt investments. BREIT is externally managed by a subsidiary of Blackstone (NYSE: BX), a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has approximately $279 billion in investor capital under management. Further information is available at www.breit.com.
Certain information contained in this communication constitutes “forward-looking statements” within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward looking terminology, such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates”, “confident,” “conviction,” “identified” or the negative versions of these words or other comparable words thereof. These may include financial projections and estimates and their underlying assumptions, statements about plans, objectives and expectations with respect to future operations, statements regarding future performance and statements regarding identified but not yet closed acquisitions. Such forward-looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. These factors also include but are not limited to those described under the section entitled “Risk Factors” in each of BREIT’s prospectus and Blackstone’s Annual Report on Form 10-K for the year ended December 31, 2020, and any such updated factors included in their respective periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document (or BREIT’s prospectus and its and Blackstone’s other filings). Except as otherwise required by federal securities laws, neither Blackstone nor BREIT undertakes any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.