SAN DIEGO, Dec. 06, 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 $20 million acquisition of Alcove East Village (formerly known as Nook East Village), a 91-unit affordable apartment community for individuals and veterans located in San Diego, Calif.
“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 square feet 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.
“The property is in one of San Diego’s most popular neighborhoods with nearby public transportation, making it easy for residents to navigate the city without the need for a car,” said Caruana.
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 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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