#United States #affordable housing #Rancho Cordova #PEF Advisors #Rancho Cordova Apartments

PEF Advisors Sells Rancho Cordova Apartments

In a significant move for affordable housing in California, Preservation Equity Fund Advisors, LLC (PEF Advisors) has completed the sale of the Rancho Cordova Apartments, a 95-unit residential community located in Rancho Cordova, California. This transaction underscores PEF Advisors' commitment to preserving affordable living spaces in high-cost markets.

The Rancho Cordova Apartments, acquired by PEF Advisors in October 2018, is positioned on a sprawling 6.0-acre site and features 13 apartment buildings, alongside essential amenities including a leasing office, a community room, and other supportive structures. Originally built in 1971, the complex underwent redevelopment in 2002 through the Low-Income Housing Tax Credits initiative, positioning it as a remarkable example of enhancing affordable housing amidst increasing market demands.

The apartment complex is thoughtfully designed to cater to diverse family needs, offering a mix of unit sizes: 12 one-bedroom units, 44 two-bedroom units, and 39 three-bedroom units. Notably, 19 of these units are earmarked for families earning no more than 50% of the area median income (AMI), while 72 units are set aside for those earning up to 60% of AMI, ensuring that low-income families have access to quality housing.

Property Features

Apartment amenities include spacious layouts with private patios in townhome units, convenient walk-up entryways, and central heating and air conditioning systems. Additionally, the properties are equipped with vaulted ceilings in one-bedroom units, ceiling fans, and garbage disposals for enhanced comfort and convenience.
Community features are equally impressive, revolving around a clubhouse complete with a computer center, a toddler play area, picnic spaces, and easy access to public transportation options, providing residents with both convenience and connectivity to wider Sacramento.

Moreover, the vibrant location lends itself to abundant shopping and dining opportunities, with downtown Sacramento reachable in just 20 minutes, making it both a practical and appealing choice for families.

PEF Advisors undertook significant capital improvements, totaling approximately $1.1 million, focusing on renovating common areas, addressing deferred maintenance, and upgrading essential building systems. This investment reflects the organization’s dedication to improving living conditions while maintaining affordability for all residents.

Ann Caruana, President and Chief Investment Officer at PEF Advisors, expressed satisfaction with the sale, stating, “We’re pleased to transition this asset to another buyer who will recapitalize it and continue to improve the property while maintaining the affordability provisions. This planned disposition helps us achieve our goal of winding down our first fund before the end of 2025.”

About PEF Advisors

Founded in 2016, Preservation Equity Fund Advisors, LLC, targets the acquisition and preservation of existing affordable housing by leveraging private equity funding strategies in critical markets. PEF Advisors operates as an affiliate of WNC Associates, Inc., benefitting from over 54 years of experience and extensive access to affordable housing initiatives, managing a portfolio that includes over 1,800 properties valued at $20.6 billion nationwide through tax credits and equitable preservation strategies.

As the housing landscape continues to evolve in California, PEF Advisors remains a key player in ensuring accessible, affordable housing for families. With their recent sale of the Rancho Cordova Apartments, they have reinforced their legacy while paving the path for continued efforts in building sustainable communities for future generations.