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Presbyterian Villages of Michigan and April Housing Announce Agreement in Another Step to Preserve Affordable Housing
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Rhea-AI Summary
April Housing, a portfolio company of Blackstone (NYSE: BX), has resolved litigation by donating $350,000 to the Presbyterian Villages of Michigan Foundation. This donation will support the redevelopment of the Oakland Woods I Community, which serves low-income seniors. Following the agreement, the Presbyterian Villages of Michigan will own two senior housing communities in Michigan, enhancing affordable housing access. The partnership aims to preserve and develop affordable housing, reflecting a commitment from both organizations towards community improvement.
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Donation of $350,000 to support redevelopment, enhancing community ties and reputation.
Resolution of litigation allows for smooth transfer of ownership and future collaboration focused on 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.
