Preservation Equity Fund Advisors (PEF Advisors) has recapitalized Dover Woods, the final asset in WNC California Preservation Equity Fund, L.P. (Fund I), marking the completion of the fund’s full investment lifecycle and positioning the fund for dissolution.
Dover Woods, a 200-unit multifamily property located in Fairfield, Calif., represents the final transaction in a series of dispositions and asset recapitalizations that together achieved full realization for Fund I investors.
Fund I, a vintage 2017 closed-end vehicle with $25 million of committed equity, invested in eight multifamily properties between 2017 and 2019 for six institutional investors. Through active asset management, select dispositions, and strategic recapitalizations, the fund executed its preservation strategy while maintaining long-term affordability across its portfolio.
“The completion of Fund I represents an important milestone for our platform,” said Ann Caruana, president and CI
