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 of AION 12 portfolio, 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.
“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.
The culture of Goldman Sachs is defined by their people’s commitment to delivering the best service to their clients through collaboration, innovation, and a relentless pursuit of excellence.
Since 2011, AION has acquired and redeveloped over $3.9 billion in workforce housing, comprising more than 29,000 apartment homes. With a focus on middle-income families, AION continues to lead the way in addressing the critical need for high-quality, affordable homes near workplaces.
AION Partners, formed in 2001, has a proven track record having acquired and managed 20,000+ apartment units. We create value and mitigate risk by redeveloping, repositioning, leasing up, and managing assets in order to maximize return to our investors.
