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Monday, Jan 30, 2023
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Affordable Housing Complex Sells for $20M

Preservation Equity Fund Advisors, based in Irvine, has acquired an East Village affordable housing apartment complex for $20 million.

Formally known as Nook East Village and renamed Alcove East Village, the five-story building has 91 studio apartments averaging 254 square feet.

The apartments are earmarked for veterans and others with annual incomes ranging from 30% to 80% of the Area Median Income. Five of the apartments are fully handicapped accessible and two are accessible to the hearing and visually impaired.

“San Diego County has one of the largest veteran homeless rates in the country,” said Ann Caruana, president and CEO of Preservation Equity Fund Advisors. “In an expensive housing market, this project will serve as a step forward in supporting veterans in the community and addressing the current affordable housing crisis.”

As of September, Alcove East Village was more than 95% occupied.

Preservation Equity Fund is an affiliate of the WNC & Associates, Inc. (WNC) family of companies. Since it was formed in 2017, the company has focused on acquiring and preserving affordable housing in high-cost markets through private equity funding.


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