Preservation Equity Fund Advisors, LLC (PEF Advisors), a California-based real estate private equity group focused on preserving existing affordable housing in high-cost markets, has acquired University Crossing and Woodland Crossing Apartments, a 160-unit affordable community located in Hadley, MA. Terms were not disclosed. The acquisition represents PEF Advisors’ fifth acquisition in its third affordable housing fund
The acquisition includes Woodland Crossing, an 80-unit senior community built in 2000, and University Crossing, an adjacent 80-unit family property completed in 2002. The properties had a combined 91.88% occupancy rate at the time of acquisition.
“University and Woodland Crossing represent a compelling opportunity to invest in a high-quality, well-located asset with strong underlying fundamentals,” said Ann Caruana, president and CIO. “The combination of senior and family housing within one community is particularly attractive, allowing us to serve multiple resident populations while benefiting from diversified demand drivers and stable occupancy.”
PEF plans targeted capital improvements designed to enhance the resident experience, address deferred maintenance, and support long-term asset preservation.
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