IRVINE, Calif., Apr. 27, 2022 (GLOBE NEWSWIRE)
Preservation Equity Fund Advisors, LLC (PEF Advisors), an organization committed to acquiring and preserving existing affordable housing in high-cost markets through real estate private equity investments, today announced it has acquired Chowchilla Gardens in Chowchilla, Calif. in Madera County. The 99% occupied, 54-unit development includes 21 units at 50% area median income and 32 units at 60% area median income for families.
Property amenities include a swimming pool, half-court basketball, clubhouse, laundry room, playground, barbecue area and covered parking. Interior amenities include fully equipped kitchens and air conditioning.
PEF Advisors plans to make capital improvements to the 26-year-old property in order to address deferred maintenance and enhance curb appeal, including upgrades to the property’s common areas as well as light interior upgrades. The acquisition will bring management efficiencies with other nearby assets. Additionally, PEF Advisors will evaluate energy efficiency programs such as LED lighting installation, low-flow water fixtures, and xeriscape programs to reduce energy costs.
“These repairs will help preserve housing affordability and potentially reduce energy costs in the future,” said Ann Caruana, senior vice president, acquisitions at PEF Advisors.
About Preservation Equity Fund Advisors, LLC
Since 2017, Preservation Equity Fund Advisors, LLC (PEF Advisors) has focused on acquiring and preserving existing affordable housing in high-cost markets through private equity funding. PEF Advisors is an affiliate of WNC. PEF Advisors has access to WNC’s more than 50 years’ experience in acquiring more than 1,650 properties representing $13.7 billion in affordable housing nationwide, including through tax credit and/or preservation equity strategies.
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