Aurora Gains 222 New Affordable Senior Homes as April Housing and Dominium Advance Industry Innovation
The multifamily apartment industry consistently reflects a dynamic interplay of innovation, investment, and a steadfast commitment to providing accessible living spaces. A quintessential illustration of these values is found in the recent collaboration between April Housing and Dominium.
April Housing, a subsidiary of Blackstone Real Estate, in tandem with major affordable housing proprietor Dominium, has announced the development of 222 age-restricted affordable housing units in Aurora, Colorado. Aptly named Atria at Metro Center, this project constitutes a strategic advancement in response to the nation’s urgent need for affordable housing solutions, particularly for the aging population.
With a $37 million tax credit equity investment by Blackstone, this initiative marks not only a significant fiscal commitment but also underscores a broader, ongoing partnership between April Housing and Dominium. Collectively, these efforts have culminated in the development of nearly 800 low-income tax credit units thus far. The cumulative $116 million investment brokered through this partnership underscores the industry’s focus on sustainable growth and community enrichment through significant capital support.
Atria at Metro Center isn’t merely a housing complex; it’s a sanctuary tailored to meet the needs of seniors earning at or below 60 percent of the area median income. Poised to offer amenities such as a clubhouse, business center, and exercise facility, the development highlights the industry’s shift towards creating comprehensive living spaces that extend beyond the traditional paradigm of housing. Situated strategically in close proximity to light rail, highways, and essential services, Atria at Metro Center exemplifies thought leadership in development that values accessibility and convenience.
Dominium’s Senior Vice President & Project Partner in Colorado, Ron Mehl, expressed enthusiasm for the project, acknowledging the collaborative efforts that have made the initiative possible. “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,” Mehl said.
The sentiments of Mark Moorhouse, Managing Partner and Executive Vice President of Development at Dominium, echo a similar spirit of partnership and forward-thinking. “We are delighted to build our third affordable community in partnership with April Housing and Blackstone,” Moorhouse stated, adding, “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.”
April Housing’s CEO, Alice Carr, encapsulated the depth of the project’s impact: “Creating communities like this one adds to critically needed affordable housing supply while facilitating financially stable, independent lives for seniors.” Such expert opinions underscore a pivotal truth in our industry—the power of partnerships and persistent momentum in addressing housing challenges creates not just buildings but the foundations of thriving communities.
With this development, all stakeholders affirm their dedication to fostering innovative solutions and lifting the collective vision of the multifamily apartment industry to new heights. At Multifamily Leadership, we recognize the import of such projects and remain committed to shining a light on these groundbreaking endeavors that continue to shape the future of housing.