Preservation Equity Fund Advisors (PEF Advisors), a real estate private equity group focused on preserving existing affordable housing in high-cost markets, announced the recent acquisition of Belmont Villas, a 164-unit apartment community located in West Babylon, N.Y.
The units at Belmont Villas are restricted to residents aged 55 and older. The property is located on Long Island, approximately one hour from New York City. Built with low-income housing tax credits in 2009, the property is restricted to residents with income levels at 60 percent of Area Median Income (AMI) or less.
The property comprises eight two-story residential buildings in a low-density setting with 13.9 units per acre. The property features 164 one-bedroom units averaging 1,100 square feet. Each includes an extra room for a den or guest bedroom, providing a competitive edge over other one-bedroom units in the market. Property amenities include a clubhouse, gated access, fitness center, library, g
