One of our newest joint-venture partners is Preservation Equity Funds, a subsidiary of WNC & Associates that specializes in affordable housing preservation.
Preservation Equity Funds was established in 2016 to promote the preservation of affordable housing. Since then, it has successfully acquired 727 affordable multifamily and senior housing units in California. The deals include two high-profiled communities called Dover Woods Senior and Mill Creek Apartments , located in Fairfield and San Bernardino, respectively. These two communities are 100% affordable and benefit several families and seniors in need of housing.
The communities offer beautifully designed one- and two-bedroom apartment homes which include open kitchens with breakfast bars, refrigerators, central heating and air conditioning, generous closet space and private balconies and patios. The communities also have an attractive amenity package including a resident clubhouse with kitchen, sparkling swimming pools, BBQ and picnic areas and so much more. Mill Creek and Dover Woods are conveniently located with easy access to several major arteries of freeways and are within minutes of shopping, dining and entertainment.
Affordable housing remains a major critical issue throughout California, and The Foundation for Affordable Housing is truly excited to work with PEF on identifying ways to continue to serve residents while preserving affordable housing.
Founded in 1971, WNC & Associates is a national investor in affordable housing and community renewal initiatives. It has acquired more than 1,400 properties valued at greater than $9.9 billion in 47 states, Washington D.C., and the Virgin Islands.
Ann Caruana (Senior Vice President) and Ryan Arango (Director) will serve as key members to extend the initiatives and oversee the new portfolio. PEF intends to maintain the affordability restrictions in order to preserve the much-needed inventory of affordable housing. The ultimate goal will be to preserve these assets and to keep them affordable until they are re-syndicated into a new tax credit vehicle.