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AION, Goldman Sachs Partner on Workforce Housing
AION Partners, a 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 12 stabilized workforce housing properties in New Jersey, Pennsylvania, Delaware, Maryland and Virginia.
In addition to the nearly $700-million recapitalization, AION has formed a strategic partnership to increase workforce housing across the eastern U.S. The JV 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 JV 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 Value Add III’s first close, slated for the fourth quarter of 2024.
“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.
- ◦Sale/Acquisition
- ◦Financing
