Preservation Equity Fund Advisors Acquires One Hundred and Four Unit Quail Run Apartments in San Leandro
Preservation Equity Fund Advisors, LLC announced the acquisition of Quail Run Apartments, a 104-unit affordable housing community in San Leandro, California. Originally developed in 1987 with Low-Income Housing Tax Credits, the community serves families earning 50 percent to 80 percent of Area Median Income.
Quail Run is a low-density development consisting of 10 two-story residential buildings on four acres. The property contains 104 one- and two-bedroom homes averaging 737 square feet, and was 95.2 percent occupied at closing. Community amenities include a business center, swimming pool and spa, bike racks, a car wash area and ample parking. Apartment features include ceiling fans, private balconies or patios, exterior storage closets and accessible units.
The site is positioned in the heart of the East Bay with convenient access to Interstate 580, Interstate 238 and California State Route 185, and sits within two miles of downtown San Leandro’s employment center and neighborhood amenities such as grocery stores, parks and healthcare.
PEF Advisors has announced plans to invest in capital improvements to modernize the community and address aging infrastructure and deferred maintenance. The firm says planned improvements will enhance resident experience, reduce ongoing operating costs and strengthen the property’s long-term sustainability.
“This was an opportunity to invest in an affordable community at an attractive basis in a high cost market,” said Ann Caruana, President and Chief Investment Officer of PEF Advisors. “Our goal is to preserve not only the affordability of the community, but also the quality of the homes where residents live.”
Caruana continued, “The East Bay continues to experience strong economic growth and an ongoing shortage of affordable housing. By investing in Quail Run, we’re preserving an important housing resource in a location that provides residents with access to employment, schools, healthcare and transportation, while ensuring the property remains a safe, well-maintained community for the long-term.”
The acquisition illustrates a preservation-focused investment approach in a high-cost region, combining targeted capital work with existing affordability restrictions to maintain housing options near jobs and transit. For owners, operators and capital providers, transactions of this kind highlight the operational and social dimensions of preserving affordable multifamily assets. Multifamily Leadership will continue to track how preservation capital is deployed to modernize older affordable communities while maintaining resident affordability and building-level sustainability.