Blackstone Forms New Company for Push Into Affordable Apartments

Blackstone Inc. is forming a company to manage investments in affordable housing as the firm builds an operation to support a new strategic push.

The investing giant is hiring veteran lender Alice Carr to lead the new company, called April Housing. Carr, previously head of community development banking for JPMorgan Chase & Co., will oversee an initial portfolio of 90,000 units, according to a statement Wednesday.

While Blackstone has long been a major owner of apartment properties, it has recently increased its focus on the part of the U.S. housing market where rents are government-regulated. In one major deal ...