Preservation Equity Fund Advisors (PEF Advisors) has purchased the 144-unit Lexington Green in El Cajon, Calif. The property is a stabilized project-based Section 8 community for households earning between 50 and 60 percent of the area median income. PEF Advisors plan to upgrade the property, currently managed by FPI Management. The seller was WNC & Associates, according to Yardi Matrix data.
Western Community Housing, having purchased the 18-building asset for $17.8 million in 2007, then renovated the property, originally built in 1970, with LIHTC and bond financing. Lexington Green has a mix of one- to three-bedroom units, ranging from 623 to 1,036 square feet, according to Yardi Matrix data. Community amenities include a playground, basketball court, picnic area, as well as barbeque grills. A total of 225 parking spaces are also available.
WNC & Associates sold the asset after three years of ownership, having bought it in 2019 for $39.7 million, according to Yardi Matrix data. The new owner will undertake improvements to the property such as new asphalt slurry, balcony repairs, new roofs, tree removal and exterior paint.
Located at 1415 E. Lexington Ave., the community is a mile south of Interstate 8. Several dining, retail and entertainment options are also available within a 1-mile radius. Downtown San Diego is 19 miles southwest.
The San Diego metro’s economy is improving. According to preliminary Bureau of Labor Statistics data, unemployment decreased to 3.4 percent in March, outpacing the state and also the nation. Total employment fell just 7,540 positions short in March 2022 compared to February 2020, before the pandemic.
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