Preservation Equity Fund Advisors Acquires Quail Run Apartments in San Leandro, California to Enhance Affordable Housing
On July 20, 2026, Preservation Equity Fund Advisors, LLC (PEF Advisors) announced its strategic acquisition of the Quail Run Apartments, a significant 104-unit affordable housing community located in San Leandro, California. This move is part of PEF Advisors' commitment to preserving affordable housing in high-cost markets, addressing a pressing need in the Oakland area and beyond.
Originally constructed in 1987 using Low-Income Housing Tax Credits (LIHTC), Quail Run Apartments provides essential housing for families earning between 50% and 80% of the Area Median Income. Positioned strategically in the East Bay area, the property boasts easy access to major highways such as Interstate 580 and Interstate 238, as well as California State Route 185. This geographical advantage places it within two miles of San Leandro's bustling downtown, which features local amenities, grocery stores, parks, and healthcare services.
The Quail Run community is designed with low density in mind, consisting of ten two-story residential buildings spread over four acres. Each unit averages 737 square feet and includes one- and two-bedroom homes. This thoughtful layout is complemented by community amenities like a business center, swimming pool, spa, bike racks, a car wash area, and ample parking spaces, all contributing to a supportive and convenient living environment. Notably, as the acquisition closed, Quail Run was operating at an impressive 95.2% occupancy.
PEF Advisors has plans for significant capital improvements aimed at modernizing the community and addressing ongoing maintenance challenges. These enhancements not only aim to elevate the resident experience but will also optimize operational costs while ensuring the property's long-term viability. Ann Caruana, President and Chief Investment Officer at PEF Advisors, emphasized the strategic importance of this investment: "This was an opportunity to invest in an affordable community at an attractive basis in a high-cost market. Our goal is not just to maintain the affordability of the community but to improve the quality of life for residents."
Continuing, Caruana pointed out the significance of preserving housing in the East Bay, where economic growth is robust, but affordable housing remains critically scarce. By investing in Quail Run, PEF Advisors aims to secure an essential housing resource strategically located near employment centers, schools, healthcare, and transportation options. The firm’s commitment aligns with the broader goal of ensuring that such communities remain safe, well-maintained, and accessible for the long term.
The acquisition of Quail Run marks PEF Advisors' seventh acquisition in its Preservation Equity Fund 3, reinforcing the firm's strategic focus on acquiring and preserving affordable housing in supply-constrained, high-cost markets across the United States. Since its establishment in 2016, PEF Advisors has made a concerted effort to address the affordable housing crisis, leveraging private equity funding to enhance and maintain vital community resources.
In conclusion, as the demand for affordable housing continues to rise, PEF Advisors' dedication to preserving and enhancing communities like Quail Run serves as a vital step in securing accessible living options for families and individuals in need. By prioritizing quality and affordability, PEF Advisors plays a crucial role in shaping the future of housing in high-cost markets.
Originally constructed in 1987 using Low-Income Housing Tax Credits (LIHTC), Quail Run Apartments provides essential housing for families earning between 50% and 80% of the Area Median Income. Positioned strategically in the East Bay area, the property boasts easy access to major highways such as Interstate 580 and Interstate 238, as well as California State Route 185. This geographical advantage places it within two miles of San Leandro's bustling downtown, which features local amenities, grocery stores, parks, and healthcare services.
The Quail Run community is designed with low density in mind, consisting of ten two-story residential buildings spread over four acres. Each unit averages 737 square feet and includes one- and two-bedroom homes. This thoughtful layout is complemented by community amenities like a business center, swimming pool, spa, bike racks, a car wash area, and ample parking spaces, all contributing to a supportive and convenient living environment. Notably, as the acquisition closed, Quail Run was operating at an impressive 95.2% occupancy.
PEF Advisors has plans for significant capital improvements aimed at modernizing the community and addressing ongoing maintenance challenges. These enhancements not only aim to elevate the resident experience but will also optimize operational costs while ensuring the property's long-term viability. Ann Caruana, President and Chief Investment Officer at PEF Advisors, emphasized the strategic importance of this investment: "This was an opportunity to invest in an affordable community at an attractive basis in a high-cost market. Our goal is not just to maintain the affordability of the community but to improve the quality of life for residents."
Continuing, Caruana pointed out the significance of preserving housing in the East Bay, where economic growth is robust, but affordable housing remains critically scarce. By investing in Quail Run, PEF Advisors aims to secure an essential housing resource strategically located near employment centers, schools, healthcare, and transportation options. The firm’s commitment aligns with the broader goal of ensuring that such communities remain safe, well-maintained, and accessible for the long term.
The acquisition of Quail Run marks PEF Advisors' seventh acquisition in its Preservation Equity Fund 3, reinforcing the firm's strategic focus on acquiring and preserving affordable housing in supply-constrained, high-cost markets across the United States. Since its establishment in 2016, PEF Advisors has made a concerted effort to address the affordable housing crisis, leveraging private equity funding to enhance and maintain vital community resources.
In conclusion, as the demand for affordable housing continues to rise, PEF Advisors' dedication to preserving and enhancing communities like Quail Run serves as a vital step in securing accessible living options for families and individuals in need. By prioritizing quality and affordability, PEF Advisors plays a crucial role in shaping the future of housing in high-cost markets.
Topics General Business）
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