Prairie View Acquired by PEF Advisors
Deal News | Mar 12, 2025 | Globenewswire
Preservation Equity Fund Advisors, LLC, a distinguished private equity group focused on the acquisition and preservation of affordable housing in high-cost areas, has completed the purchase of Prairie View Apartments in Vancouver, Washington. This acquisition marks a strategic addition to PEF Advisors' portfolio, leveraging the metro area's favorable tax conditions and ensuring the continued availability of affordable living. Prairie View boasts a 98% occupancy rate, offering 284 units spread across various configurations with extensive amenities including a daycare, a central laundry facility, and on-site parking. Constructed in 1990 and redeveloped in 2008, the property is reserved for residents earning up to 60% of the Area Median Income and benefits from low-density housing layout. Ann Caruana, President & Chief Investments Officer, emphasized PEF's commitment to maintaining rental affordability as the extended use period approaches expiration in 2037. This acquisition is the second under PEF's third Affordable Housing Fund, further expanding their robust portfolio, backed by parent company WNC & Associates' long track record in affordable housing development.
Sectors
- Real Estate
- Private Equity
Geography
- United States – The transaction takes place in Vancouver, Washington, which is part of the United States.
- Washington – The specific location of the Prairie View Apartments and the regional market of interest.
- Portland MSA – The metropolitan statistical area that includes Vancouver, WA, and is a strategic focus for PEF Advisors.
Industry
- Real Estate – The acquisition of Prairie View Apartments involves real estate transactions focusing on residential properties.
- Private Equity – Preservation Equity Fund Advisors operates as a private equity firm acquiring and managing affordable housing assets.
Financials
- – Specific financial details of the acquisition transaction were not disclosed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Preservation Equity Fund Advisors, LLC | Buyer | Company | A private equity group specializing in preserving existing affordable housing in high-cost markets. |
| Prairie View Apartments | Target company | Company | A 284-unit affordable housing complex recently acquired by PEF Advisors. |
| Ann Caruana | President & Chief Investments Officer | Person | An executive at PEF Advisors, involved in overseeing investments and acquisitions. |
| WNC & Associates, Inc. | Parent Company | Company | The parent company of PEF Advisors with significant experience in affordable housing. |
| Educational Opportunities for Children and Families (EOCF) | On-site daycare operator | Charity | Operates the daycare center within Prairie View Apartments. |