PEF Advisors Acquires San Diego Affordable Veterans Community

Preservation Equity Fund Advisors, LLC (PEF Advisors), an affordable housing-focused real estate group, has acquired Alcove East Village, a 91-unit affordable apartment community for individuals and veterans in San Diego. The firm purchased the property for $20 million from Trestle Development.

Built in 2019, Alcove East Village (formerly Nook East Village) is a five-story building comprised of studio units that average about 250 square feet. The apartments feature kitchenettes and hardwood floors and community amenities include a community room, laundry facility and rooftop patio. The complex has eight units allotted at 30% AMI, two units at 65% AMI and 80 units at 80% AMI.

“San Diego County has one of the largest veteran homelessness rates in the country,” said PEF Advisors CIO Ann Caruana. “In an expensive housing market, this project will serve as a step forward in supporting veterans in the community and addressing the current affordable housing crisis.”