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PEF Advisors Purchases Pacific Affordable Community
Preservation Equity Fund (PEF) Advisors, LLC, a real estate equity firm focused on preserving affordable housing in high-cost markets, has acquired Rainier Vista, a 75-unit, senior affordable housing complex in Pacific, WA.
Originally developed in 2003 with low-income housing tax credits, Rainier Vista is a three-story building comprised of 57 one-bedroom and 18 two-bedroom residences. The development includes 20 units at 30% area median income (AMI), 25 units at 50% AMI and five units at 60% AMI, while 25 units are market rate.
Community amenities include a clubhouse, library, fitness center, salon, knitting room, courtyard community garden and BBQ area. PEF will address needed maintenance include roofing, windows repairs and common area upgrades.
“Through our preservation investment strategy, we continue to address the serious issue of sustained demand and reduction in the supply of affordable housing, leaving too many families, seniors and veterans without affordable housing options,” said Ann Caruana, president and CIO at PEF Advisors.
- ◦Sale/Acquisition
