Affordable Housing Equity Firm Acquires El Cajon Community
Irvine-based Preservation Equity Fund Advisors (PEF), an equity firm that acquires and preserves existing affordable housing in high-cost markets, has closed on the Lexington Green apartments in El Cajon, CA. The 18-building community is 98% occupied by families with household incomes at 50% and 60% of the area median.
Originally built in 1970 and rehabbed in 2007, the Project-based Section 8 community includes a mix of one-, two- and three-bedroom units. Common amenities include laundry facilities, a playground and WiFi. PEF Advisors plans to undertake improvements including asphalt slurry, balcony repairs, 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. Residents will benefit from lower housing costs and also improved property conditions,” said Rich Bennion, senior vice president capital markets at PEF Advisors.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.