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May 20, 2024
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Preservation Equity Fund Advisors LLC Buys 91-Unit Affordable Housing Community in San Diego


Preservation Equity Fund Advisors LLC (PEF Advisors) paid $20 mil for Alcove East Village (formerly known as Nook East Village), a 91-unit affordable apartment community for individuals and veterans located in San Diego.

“San Diego County has one of the largest veteran homelessness rates in the country” said Ann Caruana, President & Chief Investments Officer at PEF Advisors. “In an expensive housing market, this project will serve as a step forward in supporting veterans in the community and addressing the current affordable housing crisis.”

Built in 2019, Alcove East Village comprises a single five-story building of studio units that are designated for individuals and veterans. Each apartment averages approximately 254 sf and includes kitchenettes with undercounter refrigerators, two-burner stove tops, and microwaves along with private bathrooms, hardwood floors throughout, and select units feature balconies.

The community has eight units allotted at 30% AMI, two units at 65% AMI, 80 units at 80% AMI and one manager unit. Regulatory agreements require five units to be fully handicap accessible and two units to be accessible to the hearing and visually impaired. As of September 2022, Alcove East Village was 95.6% occupied.

There are a variety of amenities included in the property such as community room, laundry facility, elevator, controlled access, leasing office, rooftop patio, bike parking, Amazon HUB locker and valet trash pickup. Within the city of San Diego, Alcove East Village is central to downtown and close to several shopping centers and other businesses, boasting a 95 walkscore. With three bus routes servicing a transit center less than 0.25 miles from the property, residents can have easy access to jobs and public services across the city.

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