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10/05/22
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Preservation Equity Fund Advisors LLC (PEF Advisors) purchased Rainier Vista, a 75-unit affordable housing property for seniors 55+ in Pacific, WA.
Originally developed in 2003 with low-income housing tax credits, Rainier Vista comprises one three-story building with a mix of 57 one-bedroom units and 18 two-bedroom units. The development includes 20 units at 30% area median income (AMI), 25 units at 50% AMI and five units at 60% AMI, while 25 units are market-rate.
The property is 96% occupied and 96% leased. It includes a leasing office, clubhouse, library, fitness center, salon, elevator service, three on-site laundry facilities, knitting room, courtyard community garden and BBQ area.
Parking consists of 75 open spaces, including six handicapped spaces. The unit amenities include a refrigerator, self-cleaning oven, microwave, dishwasher, garbage disposal and an additional storage locker per unit.
Currently, Rainier Vista works closely with the adjacent Pacific Algona Community Center, which houses the City’s Senior Center and offers residents substantial services such as free hot meals, medical clinics and social activities. The property also coordinates numerous social activities like bingo, coffee breaks, crafts and more. PEF Advisors is committed to maintaining the affordability of the property and continuing resident services.
The 19-year-old property needs standard deferred maintenance to preserve the asset and continue attracting high-quality tenants. PEF will address deferred maintenance such as roofing, window repairs, wood replacement and paint, asphalt slurry, and interior common area upgrades like flooring, paint and furniture. Additionally, PEF Advisors identified energy efficiency replacements for the toilets to help reduce water consumption in the units.
“Through our preservation investment strategy, PEF Advisors continues to address the serious issue of sustained demand and reduction in the supply of affordable housing, which is leaving too many families, senior citizens and veterans without the ability to find affordable housing options,” said Ann Caruana, president and chief investment officer at PEF Advisors.
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