April Housing and Dominium are partnering to develop a 222-unit senior housing community in Aurora, Colorado.
Atria at Metro Center, which will serve will residents earning on average at or below 60% of the area median income, is the latest collaboration involving the two affordable housing firms.
The project marks the third affordable housing community that the companies have teamed on, bringing the total number of units to nearly 800.
April Housing, a Blackstone Real Estate portfolio company, is involved in the preservation and development of affordable housing across the country. It’s unique because it has also been a provider of low-income housing tax credit (LIHTC) equity to developments.
In line with the company’s mission, Blackstone is providing $37 million of LIHTC equity to the project, announced officials.
“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 senior vice president and project partner in Colorado.
Dominium, which owns and manages more than 38,000 homes in 230 sites, is one of the nation’s largest developers and owners of affordable housing.
“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.”
Atria at Metro Center is located near light rail and several major highways, shopping, medical centers, and Denver International Airport. Amenities will include a clubhouse, a business center, an exercise facility, a library, and a beauty salon. The community will also feature a pocket park and public art.