WNC Announces Formation of Preservation Equity Fund Advisors; Appoints Ann Caruana as President, Chief Investment Officer

New affiliate registered investment advisory company acquires and preserves existing affordable housing in high-cost markets nationwide through a series of closed-end funds

IRVINE, Calif., May 11, 2022 (GLOBE NEWSWIRE) -- WNC, a leading affordable housing investment and development firm, today announced the formation of its new affiliate, Preservation Equity Fund Advisors, LLC (PEF Advisors), a registered investment advisory company committed to acquiring and preserving existing affordable housing in high-cost markets. In connection with the launch of the new company, Ann Caruana has been appointed as president and chief investment officer (CIO) of PEF Advisors.

Caruana, a leader in the affordable housing and real estate investment industry, has more than 19 years of direct experience in the multifamily investment sector, including nearly eight years specializing in underwriting and acquiring affordable rental housing investments to create attractive economic returns for investors.

“Ann is the right leader for PEF Advisors. She has unmatched knowledge and experience needed to make successful investments in affordable rental housing, but most importantly she is a natural leader with uncommon dedication and passion,” said Will Cooper Jr, president of WNC. “Ann has built a solid track record with our investors and the larger real estate community, and I am excited to announce this new role for her.”

Caruana moves to president and CIO of PEF Advisors after serving more than three years as senior vice president of WNC’s preservation equity funds where she oversaw the acquisition and asset management teams. Prior to that Caruana was with a private real estate equity firm where she specialized in the acquisition of affordable rental apartments generating economic returns, last serving as senior vice president of acquisitions. Caruana also spent nine years with a publicly traded multifamily REIT where she served in various research and investment roles, including senior director of market research, senior investment analyst and investment manager.

Caruana is a member of the Urban Land Institute (ULI) Women’s Leadership Initiative and the National Multifamily Housing Council (NMHC) Emerging Leaders Committee. She holds an MBA from the University of Miami, Florida and a bachelor’s degree in statistics and marketing from Miami University, Ohio.

About PEF Advisors

Preservation Equity Fund Advisors, LLC (PEF Advisors) acquires and preserves existing affordable housing in high-cost markets nationwide through a series of closed-end funds. 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 over 1,650 properties representing $13.7 billion in affordable housing, including through tax credit and preservation equity strategies.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/91a3ab52-a748-4d1e-9b0a-9c5e118da922

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