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, 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 two-story buildings for families with household incomes at 50% and 60% of the area median household income.
Built in 1970 and significantly rehabbed in 2007 with low-income housing tax credits and bond financing, the project-based Section 8 community includes 16 one-bedroom, 88 two-bedroom and 40 three-bedroom apartments. Common amenities include laundry facilities, a playground, basketball court, WiFi, barbecue grills and picnic area. Unit amenities include central air conditiong 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.”
