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6/09/22
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Preservation Equity Fund Advisors LLC (PEF Advisors), a real estate private equity group focused on preserving existing affordable housing in high-cost markets, has closed its WNC Preservation Equity Fund 2, L.P. It achieved its target of $100 mil and is the second fund of the organization’s equity fund strategy.
The fund’s objective is to invest in affordable housing apartment communities serving residents making 80% of the area median income (AMI) or less and preserve affordability during the period of ownership. Markets targeted include high cost-burdened communities in the United States with significant barriers to entry and a significant gap between affordable and market rate apartment rents.
To date, the fund has made seven investments including 682 units for a total value of $77 mil across five states including California, Washington, Colorado, Maryland, and Florida. Of the original six investors in Fund 1, four reinvested in Fund 2 and PEF Advisors attracted another eight investors new to the firm’s private equity strategy for a total of 12 investors in Fund 2.
In total, PEF Advisors has acquired 15 properties with 1,677 units worth $226 mil in value.
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