PVM is pleased to share this good news about a bright future for The Village of Oakland Woods:

Presbyterian Villages of Michigan (“PVM”), a leading faith-based non-profit dedicated to serving seniors, and April Housing, a Blackstone (NYSE: BX) portfolio company, today announced a successful resolution to the litigation April Housing inherited from the property’s prior limited partner. Under the agreement, PVM will become the sole owner of two apartment communities in Michigan 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 PVM’s crucial work, April Housing is donating $350,000 to Presbyterian Villages of Michigan Foundation to assist in funding the future redevelopment of the Oakland Woods I Community.

“PVM appreciates the constructive approach taken by Blackstone and April Housing in recent months to reach a resolution to this legacy dispute,” said Roger L. Myers, President and CEO of PVM. “We look forward to the potential of future partnerships with April Housing in pursuit of our common goal of developing and preserving affordable housing. The national investment and large-scale preservation commitment made by Blackstone and April Housing is a significant positive development to the field of affordable housing.”

Alice Carr, CEO of April Housing, said, “We are pleased to reach an agreement with PVM that supports our shared mission of preserving affordable housing and settles this dispute. April is a new company in the industry and we are steadfast in our commitment to that mission, including supporting the important role non-profit groups such as PVM play. In getting to know the team at PVM, we have come to admire its dedication, reputation and leadership in providing quality housing, services and programs across Michigan and hope to work together in the future.”

Source: Business Wire