PEF Advisors Buys Veterans Affordable Housing

Alcove East Village

Preservation Equity Fund Advisors has paid $20 million for a 91-unit affordable housing community for veterans, Alcove East Village, in San Diego. The previous owner was Trestle Development, according to Yardi Matrix information. The asset is subject to a $11.6 million CMBS loan originated by Lument, the same data provider shows.

Previously known as Nook East Village, Alcove East Village caters to tenants earning 30, 65 and 80 percent of the area median income. The community also includes five fully handicap-accessible units, as well as two units for the hearing and visually impaired.

The five-story building came online in 2019 and comprises studios ranging between 242 and 286 square feet. Common-area amenities consist of a community room, a rooftop patio, bike parking and laundry facilities. All studios have kitchenettes and hardwood floors, and select units feature balconies.

Located at 330 15th St. in the East Village neighborhood, the community is near the intersection of Route 94 and Interstate 5, in an Opportunity Zone. The surrounding area has many dining options, retail spaces and entertainment venues, such as Balboa Theatre, Balboa Park and The New Children’s Museum. Naval Medical Center is roughly 2 miles north.

PEF Advisors recently acquired another affordable housing community in San Diego, a 144-unit stabilized Section 8 property. The company is planning to upgrade the 18-building asset.