AION Partners and Vintage Strategies at Goldman Sachs Alternatives Announce $700 Million Recapitalization and New Joint Venture to Expand Workforce Housing in the Mid-Atlantic
NEW YORK, Dec. 2, 2024 /PRNewswire/ -- AION Partners, a leading national real estate owner and operator of workforce multifamily housing, has partnered with Vintage Strategies at Goldman Sachs Alternatives and a global institutional investor to recapitalize the AION 12 Portfolio of 3,962 apartment units across twelve stabilized workforce housing multifamily properties in New Jersey, Pennsylvania, Delaware, Maryland, and Virginia. This recapitalization builds on AION's successful track record of creating value by enhancing the quality of workforce housing through intensive asset management and capital discipline.
In addition to this nearly $700 million recapitalization, AION has formed a strategic partnership to increase workforce housing across the eastern United States. The joint venture targets $1 billion in value-add multifamily acquisitions, with plans to add 4,000 to 6,000 apartment units, backed by a $300 million equity commitment. The joint venture will combine a 49% investment from a global institutional investor and 51% by AION Value Add III LP, AION's third discretionary fund vehicle. Goldman Sachs Alternatives will be an investor in AION Value Add III LP's first close slated for the fourth quarter of 2024.
"As the undersupply of attainable housing persists, AION's skill in acquiring and redeveloping workforce communities is essential to providing high-quality, affordable homes that benefit middle-income families and strengthen local economies. This partnership allows us to broaden our impact in regions where demand is strongest," said Michael Betancourt, founding partner and Managing Director of AION Partners.
AION's proprietary divisions, AION Management, and AION Construction Management, will continue to focus on quality property management and execution of value-add improvements across the properties.
About AION Partners
Formed in 2001, AION Partners is a $3.4 billion multifamily owner and operator with a focus on value-add and workforce housing across the Mid-Atlantic, Midwest, and Upper Southeast United States. With a portfolio of 20,000 units, AION is dedicated to acquiring, renovating, and hands-on management of multifamily properties in supply-constrained markets. The company's vertically integrated model, with in-house management and construction capabilities, ensures high-quality, affordable housing that enhances communities and creates long-term value for investors. www.aionpartners.com
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