Blackstone has resyndicated a 229-unit property in Orlando, Fla., expanding its affordable housing preservation program through its portfolio company, April Housing. This enables the community to remain income-restricted for another 30 years, renting at or below 60 percent of the area median income.
April Housing owns Valencia Trace, a property that matches this description, according to Yardi Matrix data. The company will renovate it as part of the transaction, earmarking $17 million for upgrades.
Additionally, April Housing applied for $47 million in tax-exempt bonds from the Housing Finance Authority of Orange County, Fla., and $32.9 million in Freddie Mac Direct Purchase of Tax-Exempt Loan program, as well as a $25.8 million bridge loan issued by PNC, according to public records.
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Valencia Trace’s common spaces will receive a facelift, while its water heaters are set for energy-efficient upgrades and its units are on track to receive new kitchens and bathrooms, among other improvements.
The 2003-completed community comprises one- to four-bedroom units averaging 1,070 square feet across 10 buildings. Amenities include a swimming pool, a clubhouse, a playground, as well as a computer lab and several sports courts, among other features.
Located at 101 Grande Valencia Drive, the community is about 10 miles east of downtown Orlando and less than 1 mile from the interchange of state roads 417 and 408.
Maintaining affordability restrictions
With an increase in LIHTC allocation right around the corner, developers and owners have much to look forward to. One benefit of increasing both state and federal tax credits is that there will be more opportunities for preserving the income-restricted status of properties, April Housing Managing Director & Head of Preservation Perica Bell told Multi-Housing News.
“We would expect that the increased 9 percent LIHTC resources for new construction could result in less dependence on the 4 percent credit, thus expanding opportunities for preservation deals. The recent change to tax-exempt bond requirements—notably the reduction of the 50 percent test—will further boost the ability for preservation deals to access 4 percent LIHTC credits,” Bell added.
The company’s deal in Orlando also faced other challenges, such as skyrocketing insurance premiums and hurricane damage. Insurance has ballooned nationwide, with average rates spiking 128 percent between March 2020 and August 2025, according to a Yardi Matrix report published last month.
Although this marked April Housing’s first preservation endeavor in Florida, the firm manages a portfolio of almost 13,000 units across 14 counties in the state. Since 2024, the company has invested roughly $250 million to upgrade and improve affordable housing throughout the U.S.
Florida’s affordable housing issues
The end of the compliance period for more and more affordable housing units is fast approaching. Within the next three years, Florida is on track to lose the income-restricted status of 6,512 units, according to a Yardi Matrix report published in March.
Additionally, the Sunshine State faces another issue, as some of its metros display little to no competitiveness between market-rate and affordable housing units, denoting a larger rent gap between the two, another report on affordable housing from the same source shows.
Miami and Tampa have zero overlap, while just 9 percent of Orlando’s market-rate units are in competition with its affordable stock. At a national level, 35.4 percent of traditional units rival their income-restricted counterparts.
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