IRVINE, Calif., July 07, 2022 (GLOBE NEWSWIRE)
Preservation Equity Fund Advisors (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 closed on another property in California, this time in El Cajon, Calif. in San Diego County. Called Lexington Green, the 98% occupied property is a stabilized project-based Section 8 housing community comprising 18 2-story buildings for families with household incomes at 50% and 60% of the area median household income.
Originally built in 1970 and significantly rehabbed in 2007 with low-income housing tax credits and bond financing, the Project-based Section 8 community includes a unit mix of 16 one-bedrooms, 88 two-bedrooms, and 40 three-bedrooms. The Project’s common amenities include laundry facilities, a playground, basketball court, WiFi, barbeque grills and picnic area. Unit amenities include central A/C and heating, ceiling fans, carpeting, window coverings, large closets, balcony/patios and refrigerators.
PEF Advisors plans to undertake capital improvements to address deferred maintenance including asphalt slurry, balcony repairs, new roofs, tree removal and exterior paint.
“San Diego County is an expensive housing market, and this project moves us toward solving the area’s root problem of the affordable housing crisis. Residents not only will benefit from lower housing costs, but improved property conditions,” said Rich Bennion, senior vice president capital markets at PEF Advisors.
The business plan includes investing capital expenditures into sizeable improvements like exterior paint, hot water heater replacements, HVAC replacements, asphalt slurry and more. Additionally, energy efficient upgrades to water fixtures and aerators will help reduce water consumption and costs.
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.
Media Contact: IDEA HALL Angela Fentiman 818.510.1202 angela@idealhall.com