(MENAFN- GlobeNewsWire - Nasdaq) The 90-unit property preserves affordable housing south of Boston
WEYMOUTH, Mass., Nov. 14, 2024 (GLOBE NEWSWIRE) -- Preservation Equity Fund Advisors, LLC (PEF Advisors), a Real estate private equity group focused on preserving existing affordable housing in high-cost markets, announced their recent Acquisition of Tammy Brook Apartments, a 90-unit apartment community in Weymouth, MA, a suburb located 15 miles south of Downtown Boston. PEF Advisors purchased the property in November 2024 and has budgeted approximately $1.2M ($13,000 per unit) to address deferred maintenance, improve curb appeal, and elevate the quality of housing and competitiveness of the property.
The property comprises 12 residential brick buildings and several detached single-story buildings for laundry, leasing and maintenance. The two-story townhome style buildings contain 52 two-bedrooms and 38 three-bedrooms, creating a low-density community with multiple courtyards and playgrounds. Property amenities available to residents include two playgrounds, a laundry facility and 118 open parking spaces. Unit amenities include patios, hard wood floors and come furnished with refrigerators, ranges, microwaves and garbage disposals. As of closing the property was 94.4% occupied.
“We have been actively seeking assets in this submarket as the metrics consistently score well on the data analytics we consider when looking at target markets for acquisitions, such as high growth fundamentals with strong demand for affordable housing,” said Ann Caruana, President & Chief Investments Officer at PEF Advisors.“In addition to excellent economic drivers and close proximity to work centers in Boston, the local area provides easy access to local amenities including restaurants, shops and grocery stores.”
Originally built in 1968 and significantly rehabilitated in 2010 with Low Income Housing Tax Credits, Tammy Brook serves families with large two- and three-bedroom townhome-style floor plans. The property is governed by three regulatory agreements with a range of 30-80% of Area Median Income restrictions as well as a HAP contract on 24 units.
“This was a complex transaction with various regulatory layers and a complicated deal structure,” states Caruana.“We're thrilled to have executed on our first acquisition in our third fund and enter the Boston MSA.”
About Preservation Equity Fund Advisors, LLC
Since 2016, Preservation Equity Fund Advisors, LLC (PEF Advisors) has focused on acquiring and preserving existing affordable housing in high-cost markets through private equity funding. PEF Advisors is an affiliate of the WNC & Associates, Inc. (WNC) family of companies with access to WNC's more than 52 years' experience in acquiring more than 1,700 properties representing $18 billion in affordable housing nationwide, including through tax credit and/or preservation equity strategies.
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