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June 24, 2024
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WNC Preservation Equity Fund 2 Fully Invested in $229 Mil of Affordable Housing Assets in Six States


Preservation Equity Fund Advisors (PEF Advisors) has fully invested its WNC Preservation Equity Fund 2 (Fund 2) in $229 mil in assets across six states. Fund 2, a $100 mil equity fund that closed in May of 2022, is PEF Advisors’ second fund as the firm accelerates the growth of its investment portfolio nationwide. PEF Advisors is a real estate private equity group focused on acquiring and preserving affordable housing in high-cost markets.

“The completion of the investment capacity in Fund 2 enables us to accomplish our mission of preserving affordable housing across the U.S.,” said Ann Caruana, President and Chief Investment Officer of PEF Advisors. “We hope to continue this mission through additional fund series in the near future.”

The fund’s investment objective is to acquire affordable apartment communities serving residents making 80% or less of the area median income through income certification means testing and to preserve affordability during the period of ownership and beyond. Target markets include high cost-burdened communities in the U.S. with significant barriers to entry, strong market fundamentals, and a substantial gap between affordable and market rate rents.

“The already high demand for affordable housing has been further impacted by inflationary pressures since we began investing Fund 2. Our established track record in this sector of the apartment market puts us in a strong position to continue creating value for our investors,” added Caruana.

Fund 2 has made 12 investments representing 1,405 units and a total cost of $229 mil, at an aggregate 59% leverage. The six states in which the investments are located include California, Colorado, Florida, Illinois, Maryland and Washington. Notably, Fund 2 included two-thirds of the investor base from PEF Advisors’ first fund.

According to Caruana, “We’ve already made our first distribution just eight months after the final capital closing of Fund 2 and are extremely pleased with the high-quality cash flowing assets acquired.”

The completion of the investment capacity in Fund 2 brings total assets under management by PEF Advisors to $344 mil with 2,081 units.

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