SOUTHFIELD, Mich.–(BUSINESS WIRE)–Presbyterian Villages of Michigan (“PVM”), a leading faith-based nonprofit dedicated to serving seniors, and April Housing, a portfolio company of Blackstone (NYSE: BX), announced today today a successful resolution of the April Housing litigation inherited from the former sponsor of the property. Under the agreement, PVM will become the sole owner of two Michigan apartment communities 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 the crucial work of PVM, April Housing is donating $350,000 to the Presbyterian Villages of Michigan Foundation to help fund the future redevelopment of the Oakland Woods I community.
“PVM appreciates the constructive approach taken by Blackstone and April Housing over the past few months to reach a resolution to this legacy dispute,” said Roger L. Myers, President and CEO of PVM. “We look forward to the potential for future partnerships with April Housing in pursuit of our shared goal of developing and preserving affordable housing. The nationwide investment and large-scale preservation commitment made by Blackstone and April Housing is a significant positive development in the area of affordable housing. »
Alice Carr, CEO of April Housing, said, “We are delighted to have reached an agreement with PVM that supports our shared mission to preserve affordable housing and resolves this dispute. April is a new company in the industry and we are unwavering in our commitment to this mission, including supporting the important role that non-profit groups such as PVM play. By getting to know the PVM team, we have come to admire their dedication, reputation, and leadership in providing quality housing, services, and programs across Michigan and look forward to working together in the future.
About the Presbyterian Villages of Michigan (PVM)
PVM is a nonprofit, faith-based aging services network that was founded in 1945. It serves more than 7,500 seniors of all financial means and in diverse settings in Michigan’s Lower Peninsula. Its mission is “Guided by our Christian heritage, we serve all older people by creating new opportunities for quality life”, with a vision of “We will continue to transform the lives and services of older people, improving the communities that we serve “. For more information, visit www.pvm.org.
About April Housing
April Housing, a portfolio company of Blackstone Real Estate, is a leading provider of solutions and capital for the preservation and creation of high-quality, affordable housing in the United States. Focused on 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.