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.