IRVINE, Calif., Nov. 16, 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, has announced it has closed on Crescent Club affordable housing apartments for seniors aged 55 and over. Originally constructed in 1975 and re-built from the ground up in 2002, the gated apartment community includes 215 units spread across six, three-story buildings and is 99.5% occupied. Affordable restrictions limit residents to 28%, 30% and 60% of area median income (AMI).
Centrally located in Orlando, Florida, Crescent Club offers amenities including a clubhouse, fitness center, business center, library, car wash area, laundry facility, swimming pool, shuffle-board court, picnic pavilion with barbecue, elevators, gated access and security camera monitoring. Residents also enjoy healthcare screening, daily resident activities and daily resident assurance check-ins.
“We are excited to enter the Orlando area with this acquisition as it hits all of our high-growth market fundamentals while offering a high-quality product for a booming segment of the population,” said Ann Caruana, President and Chief Investment Officer of PEF Advisors. “With the expiration of the initial compliance period, the property needs recapitalization to meet current deferred maintenance needs and keep a high quality of affordable housing for seniors.”
The business plan includes investing capital expenditures into sizeable improvements like exterior paint, hot water heater replacements, HVAC replacements, asphalt slurry and more. Additionally, energy efficient upgrades to water fixtures and aerators will help reduce water consumption and costs.
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. PEF Advisors has access to WNC’s more than 51 years’ experience in acquiring more than 1,700 properties representing $16 billion in affordable housing nationwide, including through tax credit and/or preservation equity strategies.
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