Preservation Equity Fund Advisors Closes on Belmont Villas Preserving Affordable Senior Housing in West Babylon Long Island

Preservation Equity Fund Advisors has closed on Belmont Villas, a 164-unit, age-restricted 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 serves residents aged 55 and older. Built in 2009 with low-income housing tax credits, Belmont Villas remains restricted to households at 60 percent of Area Median Income.

The community consists of eight two-story buildings set on a low-density site with 13.9 units per acre. All 164 units are one-bedroom homes averaging about 1,100 square feet and include an additional room suitable for a den or guest bedroom. At the time of closing the property was 98.8 percent occupied.

On-site amenities include a clubhouse, gated access, fitness center, library, game room, and a picnic area with barbecue. Unit features include balconies or patios, in-unit washer and dryer, vinyl plank flooring, central heating and cooling, and fully equipped kitchens; select homes have granite countertops. The combination of unit layouts and resident amenities contributes to the community’s market differentiation among senior housing options in the area.

"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 acquisition highlights a common strategy in affordable housing preservation: acquiring existing subsidized communities in higher-cost markets and recapitalizing them to extend affordability and address deferred maintenance. For operators and capital partners, properties like Belmont Villas illustrate how targeted investments in senior-oriented affordable housing can support high occupancy and operational stability while meeting community needs.

As the industry continues to confront constrained supply in high-cost regions, transactions that preserve affordability and refresh aging assets will remain an important component of multifamily investment and social impact strategies. Multfamily Leadership will continue tracking preservation deals and the operational approaches owners take to maintain long-term affordability and resident services.