Preservation Equity Fund Advisors Acquires Lexington Green Section 8 Low Income Housing Community

18-building LIHTC community located in El Cajon in San Diego County is 99.3% occupied


IRVINE, Calif., July 07, 2022 (GLOBE NEWSWIRE) -- Preservation Equity Fund Advisors (PEF Advisors), an organization committed to acquiring and preserving existing affordable housing in high-cost markets through real estate private equity investments, today announced it has closed on another property in California, this time in El Cajon, Calif. in San Diego County. Called Lexington Green, the 98% occupied property is a stabilized project-based Section 8 housing community comprising 18 2-story buildings for families with household incomes at 50% and 60% of the area median household income.

Originally built in 1970 and significantly rehabbed in 2007 with low-income housing tax credits and bond financing, the Project-based Section 8 community includes a unit mix of 16 one-bedrooms, 88 two-bedrooms, and 40 three-bedrooms. The Project's common amenities include laundry facilities, a playground, basketball court, WiFi, barbeque grills and picnic area. Unit amenities include central A/C and heating, ceiling fans, carpeting, window coverings, large closets, balcony/patios and refrigerators.

PEF Advisors plans to undertake capital improvements to address deferred maintenance including asphalt slurry, balcony repairs, new roofs, tree removal and exterior paint.

“San Diego County is an expensive housing market, and this project moves us toward solving the area’s root problem of the affordable housing crisis,” said Rich Bennion, senior vice president capital markets at PEF Advisors. “Residents not only will benefit from lower housing costs, but improved property conditions.”

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 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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dbc27050-3a3e-469e-bfc7-a6c9c668a25e

 
Lexington Green-hires

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