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7/08/22
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Preservation Equity Fund Advisors (PEF Advisors) has purchased Lexington Green, a 144-unit, stabilized project-based Section 8 housing community in El Cajon. The price was not disclosed.
The 98% occupied property is comprised 18 two-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,” said Rich Bennion, senior vice president capital markets at PEF Advisors. “Residents not only will benefit from lower housing costs, but improved property conditions.”
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