PEF Advisors Acquires Rainier Vista in Pacific, Wash.

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IRVINE, Calif., Oct. 04, 2022 (GLOBE NEWSWIRE) — Preservation Equity Fund Advisors, LLC (PEF Advisors), an actual property personal fairness group targeted on preserving present reasonably priced housing in high-cost markets, has introduced its acquisition of Rainier Vista in Pacific, Wash.

Originally developed in 2003 with low-income housing tax credit, Rainier Vista contains one three-story constructing of 75 items of reasonably priced housing for seniors 55+ with a mixture of 57 one-bedroom items and 18 two-bedroom items. The improvement contains 20 items at 30% space median earnings (AMI), 25 items at 50% AMI and 5 items at 60% AMI, whereas 25 items are market-rate.

The property is 96% occupied and 96% leased and features a leasing workplace, clubhouse, library, health heart, salon, elevator service, three on-site laundry services, knitting room, courtyard neighborhood backyard and BBQ space. Parking consists of 75 open areas, together with six handicapped areas. The unit facilities embrace a fridge, self-cleaning oven, microwave, dishwasher, rubbish disposal and a further storage locker per unit.

Currently, Rainier Vista works carefully with the adjoining Pacific Algona Community Center, which homes the City’s Senior Center and gives residents substantial companies comparable to free scorching meals, medical clinics and social actions. The property additionally coordinates quite a few social actions like bingo, espresso breaks, crafts and extra. PEF Advisors is dedicated to sustaining the affordability of the property and persevering with resident companies.

About 19-years-old, the property wants commonplace deferred upkeep to protect the asset and proceed attracting high-quality tenants. PEF will tackle deferred upkeep comparable to roofing, window repairs, wooden substitute and paint, asphalt slurry, and inside widespread space upgrades like flooring, paint and furnishings. Additionally, PEF Advisors recognized power effectivity replacements for the bogs to assist scale back water consumption in the items.

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“Through our preservation investment strategy, PEF Advisors continues to address the serious issue of sustained demand and reduction in the supply of affordable housing, which is leaving too many families, senior citizens and veterans without the ability to find affordable housing options,” mentioned Ann Caruana, president and chief funding officer at PEF Advisors.

About Preservation Equity Fund Advisors, LLC
Since 2017, Preservation Equity Fund Advisors, LLC (PEF Advisors) has targeted on buying and preserving present reasonably priced housing in high-cost markets via personal fairness funding. PEF Advisors is an affiliate of WNC. PEF Advisors has entry to WNC’s greater than 50 years’ expertise in buying greater than 1,650 properties representing $13.7 billion in reasonably priced housing nationwide, together with via tax credit score and/or preservation fairness methods.


        



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