Exclusive: Blackstone’s April Housing Sells 220 Units in Columbus
The fully affordable property caters to residents earning up to 60 percent of the area median income.
April Housing, a Blackstone portfolio company, has sold Park Trails, a 220-unit, fully affordable housing community in Columbus, Ohio, according to Yardi Matrix data.
Vela Cos. purchased the asset leveraging a $19 million Fannie Mae loan originated by M&T Bank. The seven-year note holds a loan-to-value ratio of 77.6 percent, according to data from Fannie Mae’s DUS Disclose platform, resulting in a valuation of $24.5 million.
The property debuted in 2002 and was placed into LIHTC service one year later, its apartments catering to residents earning up to 60 percent of the area median income. Park Trails had a 95 percent occupancy as of June, Fannie Mae’s platform shows.
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Floorplans consist of two- and three-bedroom layouts that average 1,185 square feet scattered across 24 buildings. Community amenities include a playground, clubhouse and gym, among other features.
Located at 5555 Tinley Park, about 12 miles southeast of downtown Columbus, the community occupies more than 5 acres within Walnut Heights, a neighborhood consisting primarily of single-family homes. Interstate 270 runs roughly 2 miles away.
Blackstone created April Housing in 2022 to oversee and preserve affordability of an initial portfolio of more than 90,000 income-restricted units. Since 2024 alone, the firm completed the preservation of 3,650 affordable homes throughout the U.S.
Columbus’ historic affordable housing push
Columbus also outlined plans to invest in the preservation and development of affordable housing. The city is set to deploy $500 million in bonds, out of which $150 million are earmarked for income-restricted production and preservation. This marks the largest issuance of this kind in Columbus’ history.
The private sector is participating in the metro’s affordable housing creation as well. Earlier this year, Pizzuti broke ground on Astor Park, a 440-unit, mixed-income property, Yardi Matrix shows. Upon completion, 88 units will be set aside as affordable.
