Preservation Equity Fund Advisors, an affiliate of the WNC family of companies, has formed a joint venture with Freestone Capital, a Seattle-based wealth advisory and asset management firm. The JV focuses on the long-term ownership and preservation of affordable housing communities.
The JV includes four multifamily assets acquired through WNC California Preservation Equity Fund, L.P., PEF Advisors’ inaugural fund. The properties have been recapitalized into a structure designed to support continued affordability, operational stability and long-term asset stewardship. Terms weren’t disclosed.
“Our partnership with Freestone brings together aligned capital and a shared commitment to preserving high-quality affordable housing,” said Ann Caruana, president and CIO of PEF Advisors. “We are pleased to recapitalize these communities into a long-term vehicle that prioritizes maintaining affordability, quality, and resident stability.”
PEF Advisors is currently investing through Preservation Equity Fund 3, L.P., which closed last September with $156 million of committed capital and 17 institutional investors
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