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9/12/22
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Preservation Equity Fund Advisors LLC (PEF Advisors) has acquired Reflections Senior and Woodbridge Senior Apartments in Fort Collins, CO, two affordable housing communities located in a market with a high cost of living.
Reflections Senior and Woodbridge Senior are located approximately one hour north of Denver and include a combined 122 units of affordable housing for seniors. The projects are located within five miles of each other and will be operated together with a combined staff. Reflections Senior includes five two-story, garden-style buildings with a unit mix of 48 one-bedroom units and 24 two-bedroom units. Woodbridge Senior is one three-story building with a unit mix of 40 one-bedroom units and 10 two-bedroom units.
Reflections Senior’s amenities include a clubhouse, swimming pool, walking paths, on-site laundry facility and patio/balconies. Woodbridge Senior’s features a clubhouse, secure controlled access, elevator, on-site laundry facility and patio/balconies.
Affordability restrictions across both properties will limit residents to households at 42% of AMI.
“Millions of American families, senior citizens and veterans cannot find housing they can afford,” said Rich Bennion, senior vice president capital markets at PEF Advisors. “The sustained demand and reduction in supply of affordable housing is a serious issue PEF Advisors is addressing through its preservation investment strategy.”
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