Preservation Equity Fund Advisors (PEF Advisors) announced the final close of its latest affordable housing fund, Preservation Equity Fund 3, L.P. At $156 million, this fund is the third in a series of closed-end funds sponsored by PEF Advisors targeting the preservation of affordable housing in high-rent, high-growth markets across the United States.
Ann Caruana, president and CIO, said, “With an additional $450 million in purchasing power, this fundraise positions PEF Advisors to approach nearly $1 billion in acquisitions dedicated exclusively for housing that certifies low-income families and seniors in high-cost communities nationwide. Households earning 60 percent or less of area median income represent half of all renters and face the greatest shortage of affordable housing in the U.S. We are committed to deploying capital in these markets to preserve and enhance essential housing.”
Preservation Equity Fund 3, L.P. closed with 17 investors, nearly two-t
