#United States #Clearwater #PEF Advisors #Pine Berry

PEF Advisors Expands Affordable Housing Portfolio

In a strategic move to preserve affordable housing options in high-cost markets, Preservation Equity Fund Advisors, LLC, commonly known as PEF Advisors, has recently completed the acquisition of Pine Berry Senior Apartments located in Clearwater, Florida. This acquisition marks an important addition to the company's ongoing efforts to maintain affordable housing availability for seniors in an increasingly competitive real estate market.

About Pine Berry Senior Apartments

Pine Berry consists of 85 units designed primarily for seniors, with most apartments allocated for residents aged 62 and older, while others are available to those aged 55+. This senior-focused community is situated just a short drive from downtown Tampa, an area known for its booming economy and vibrant lifestyle, making it an ideal location for older adults to thrive.

Built in 2011, Pine Berry Senior Apartments were established using low-income housing tax credits, allowing them to restrict occupancy to individuals and families earning between 35% to 60% of the Area Median Income (AMI). With the recent closing of this property in March 2026, it boasts an occupancy rate of 98.8%, showcasing a strong demand for affordable living units within this demographic.

The Importance of Affordable Housing

Affordable housing is more crucial than ever, particularly in regions grappling with skyrocketing living expenses and insufficient availability of budget-friendly options. The Tampa-St. Petersburg-Clearwater metropolitan area, where Pine Berry is located, exemplifies this trend, characterized by a high AMI of $98,400. Ann Caruana, President and Chief Investment Officer at PEF Advisors, emphasized this urgent need, saying, "With high housing costs and a low supply of affordable housing, the property is well poised for continued demand, especially with set-aside requirements as low as 35% of AMI."

Property Features and Amenities

The Pine Berry property includes a single four-story residential building placed on a spacious 3.2-acre site. The community features a mixture of unit types, comprising 43 one-bedroom and 42 two-bedroom units. Residents benefit from a plethora of amenities designed to enhance their quality of life:

• - Swimming Pool
• - Clubhouse with Business Center
• - Community Room and Library
• - Fitness Center
• - On-Site Laundry Facilities
• - Outdoor Barbecue and Picnic Areas
• - Pet Areas and Courtyards

Each unit averages 839 square feet, equipped with modern kitchens featuring white appliances, washer/dryer connections, and either balconies or patios. Additionally, most units come with walk-in closets, ceiling fans, microwaves, and dishwashers, ensuring residents enjoy comfortable living spaces.

Future Outlook

PEF Advisors' acquisition of Pine Berry signifies its commitment to fostering affordable housing solutions amidst fluctuating economic conditions. As the company navigates further investments, the emphasis remains on properties that not only meet the needs of low-income residents but also contribute to the sustainability of community resources.

Since its inception in 2016, PEF Advisors has actively sought to acquire and maintain affordable housing developments, leveraging private equity funding strategies to make a sizable impact on housing access across various markets. This acquisition aligns with PEF Advisors' mission, building on their portfolio which now includes three significant properties from their third Capital A affordable housing fund.

With housing affordability being a pressing issue across the U.S., the acquisition of Pine Berry Senior Apartments is more than a financial investment; it is a necessary step toward building resilient communities for future generations.

Conclusion

As PEF Advisors continues its initiatives to enhance senior living opportunities within the Tampa Bay area, it also sets an example for other organizations looking to balance profit with social responsibility. Through investments in strategic locations and commitment to affordability, PEF Advisors is playing a pivotal role in preserving the essential fabric of communities across Florida and beyond.