PEF Advisors Completes Acquisition of Belmont Villas to Preserve Affordable Senior Housing on Long Island

Preservation Equity Fund Advisors (PEF Advisors) has completed the acquisition of Belmont Villas, a 164-unit apartment community in West Babylon, New York. The property sits in Suffolk County on Long Island’s South Shore, roughly one hour from New York City, and is targeted to residents aged 55 and older.

Built in 2009 with low-income housing tax credits, Belmont Villas is restricted to households at 60 percent of Area Median Income. The community comprises eight two-story residential buildings on a low-density site with 13.9 units per acre. The portfolio contains 164 one-bedroom units averaging 1,100 square feet; units include an extra room suitable for a den or guest bedroom, which provides a competitive positioning within the local one-bedroom segment. At closing the property was 98.8 percent occupied.

Property amenities include a clubhouse, gated access, fitness center, library, game room, and a picnic area with barbecue. Resident features include balconies or patios, in-unit washer and dryer, vinyl plank flooring, granite countertops in select units, central heating and cooling, and fully equipped kitchens.

“Long Island continues to experience a significant shortage of affordable housing, particularly for senior residents. Belmont Villas benefits from this strong demand dynamic, which supports long-term occupancy, rent stability and creates a highly resilient investment income profile,” said Ann Caruana, President and Chief Investment Officer at PEF Advisors. She continues, “We’re pleased to acquire a high-quality property from a respected developer, recapitalize it to address deferred maintenance, and ultimately preserve the affordability when the property becomes at-risk towards the end of our hold period.”

This transaction aligns with PEF Advisors’ stated strategy of preserving existing affordable housing in high-cost markets. By maintaining LIHTC-restricted units and addressing deferred maintenance through recapitalization, the acquisition intends to sustain affordability and functional asset quality for an aging renter population in a tight local market.

Multifamily Leadership will continue to track preservation-driven investment activity that seeks to balance financial performance with long-term community housing needs, and to highlight how capital strategies can support stable housing options for seniors in high-cost regions.