Preservation Equity Fund Advisors (PEF Advisors), a real estate private equity group focused on preserving existing affordable housing in high-cost markets, announced the acquisition of University Crossing and Woodland Crossing Apartments, a 160-unit affordable community located in Hadley, Mass.
The acquisition includes Woodland Crossing, an 80-unit senior community built in 2000 and restricted to residents aged 62 and older, and University Crossing, an adjacent 80-unit family property completed in 2002. Together, the communities offer a unique combination of senior and family housing within a single, integrated campus, serving a broad range of residents in a high-demand rental market.
Built with low-income housing tax credits, the properties include a mix of income-restricted and market-rate units, with the majority serving households earning between 50 percent and 60 percent of area median income (AMI). The communities had a combined of 91.88 combined percent at acqu
