DENVER, CO - April Housing, a Blackstone Real Estate portfolio company, and Dominium, a leading affordable housing owner, developer, and manager, 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.”