IRVINE, Calif., Sept. 07, 2022 (GLOBE NEWSWIRE) -- Preservation Equity Fund Advisors, LLC (PEF Advisors), a real estate private equity group focused on preserving existing affordable housing in high-cost markets, announced its recent acquisition of Reflections Senior and Woodbridge Senior Apartments in Fort Collins, Larimer County, Colo., 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.”
About Preservation Equity Fund Advisors, LLC
Since 2017, Preservation Equity Fund Advisors, LLC (PEF Advisors) has focused on acquiring and preserving existing affordable housing in high-cost markets through private equity funding. PEF Advisors is an affiliate of the WNC & Associates, Inc. (WNC) family of companies with access to WNC’s more than 50 years’ experience in acquiring more than 1,650 properties representing $13.7 billion in affordable housing nationwide, including through tax credit and/or preservation equity strategies.
