Philadelphia-based apartment owner Aion Partners has joined forces with Vintage Strategies at Goldman Sachs Alternatives and a global sovereign investor for a new $1 billion joint venture to acquire value-add apartments, writes Paul Schwedelson for the Philadelphia Business Journal.
An additional $700 million will go toward renovating approximately 4,000 units at its Mid-Atlantic properties.
Aion focuses on workforce housing for renters earning 60 percent to 120 percent of the area median income, usually under $75,000 annually. The firm owns around 20,000 units in seven states across the Mid-Atlantic and Midwest regions.
Over 3,900 units across 12 Aion properties in Pennsylvania, New Jersey, Delaware, Maryland, and Virginia are slated for renovation, including in Cherry Hill Towers, Orchard Park in Edgewater Park, and Fox Pointe in Hi-Nella, New Jersey.
“We believe that there is a strategic opportunity to invest in and redevelop older housing stock to focus on middle-income Americans, and they’re underserved,” said Michael Betancourt, Aion Partners’ founding partner and managing director.
For the new acquisitions, the company is planning to look close to home.
“The backbone of our company has been investing in really the core markets around the Philadelphia MSA for 10-plus years and we continue to be investing,” said Betancourt.
Read more about Aion Partners and its latest housing venture in the Philadelphia Business Journal.
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