Preservation Equity Fund Advisors, LLC (PEF Advisors) has sold Lexington Green, a 144-unit apartment community in El Cajon, CA. Originally developed in 1970 and rehabbed in 2007, the property was aimed at families earning 50%-60% of the area’s median income. Acquired in July 2021, PEF Advisors invested over $1.2 million in deferred maintenance and energy-efficient retrofits, generating significant savings for both common areas and tenants. Although originally planned to hold for six years, strong market fundamentals and bond allocations allowed an exit in just three years. The property was sold to a developer who will invest $60,000 per unit to further upgrade and renovate. This transaction secures long-term affordability for residents, extends the buildings’ useful life, and delivers above-expected returns to investors.
Real Estate, Private Equity, Affordable Housing,United States, California
https://www.globenewswire.com/news-release/2024/08/29/2937939/0/en/PEF-Advisors-Sells-Lexington-Green-in-El-Cajon-CA.html