Preservation Equity Fund Advisors Sells Key Apartment Complex
Overview of Recent Apartment Sale by PEF Advisors
The 95-unit apartment complex plays a vital role in preserving affordable housing for families.
Details of the Apartment Community
This apartment community was recently sold, featuring 95 units that provide essential affordable living options.
Layout and Design of the Property
The property spans 6.0 acres and consists of 13 apartment buildings. It includes a leasing office, community room, laundry facility, and storage area.
Unit Composition
The apartment units consist of a mix tailored to families: there are 12 one-bedroom units, 44 two-bedroom units, and 39 three-bedroom units. Additionally, 19 units are specifically reserved for families earning no more than 50% of the area median income (AMI), while 72 units cater to families earning no more than 60% of AMI.
Amenities Offered
Each apartment unit boasts private patios in townhome-style units, convenient walk-up entryways, and modern amenities such as ceiling fans and central heating and air conditioning.
Community Features
Residents benefit from a clubhouse with a computer center, a tot lot for children, picnic areas, and easy access to public transportation.
Investment in the Property
PEF Advisors has committed approximately $1.1 million into the property for capital improvements aimed at enhancing living conditions. This investment has addressed deferred maintenance issues and upgraded common areas.
PEF Advisors' Future Plans
According to Ann Caruana, President and Chief Investment Officer at PEF Advisors, "We're pleased to transition this asset to another buyer who will recapitalize it and continue to improve the property while maintaining the affordability provisions." This strategic decision is part of PEF Advisors' broader goal to effectively manage their portfolio.
About PEF Advisors
Established in 2016, PEF Advisors focuses on the acquisition and preservation of affordable housing in challenging markets. The company's strategies involve utilizing private equity to enable long-term sustainability and accessibility for residents.
Contact Information
For inquiries, interested parties can reach out to Elaine Philis at 949-832-1923 or via email at 401141@email4pr.com.
Frequently Asked Questions
What is the significance of the recent sale by PEF Advisors?
This sale is part of PEF Advisors' strategy to manage their affordable housing portfolio effectively while ensuring continuity in property maintenance.
What type of units does the Rancho Cordova Apartments offer?
The complex includes one, two, and three-bedroom units tailored for family occupancy, with specific units designated for income-based residents.
What amenities are available to residents of the apartments?
Apart from private patios and clubhouse facilities, residents enjoy access to public transport, laundry services, and recreational areas.
How much did PEF Advisors invest in capital improvements?
PEF Advisors invested around $1.1 million to upgrade the property and address maintenance challenges.
Who should be contacted for more information about PEF Advisors?
Elaine Philis is available for inquiries, reachable at 949-832-1923, or via email at 401141@email4pr.com.
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