PEF Advisors Acquires 104 Units at Quail Run Apartments in San Leandro to Preserve Affordable Housing

Preservation Equity Fund Advisors, LLC (PEF Advisors) has acquired Quail Run Apartments, a 104-unit affordable housing community in San Leandro, California. Originally developed in 1987 with Low-Income Housing Tax Credits, Quail Run serves families earning between 50% and 80% of Area Median Income.

The property sits on four acres in the East Bay and consists of 10 two-story buildings with 104 one- and two-bedroom homes averaging 737 square feet. 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. At closing the community was 95.2% occupied. The site offers convenient access to Interstate 580, Interstate 238 and California State Route 185, and is within two miles of downtown San Leandro’s employment center and local amenities such as grocery stores, parks and healthcare.

PEF Advisors, a firm focused on preserving existing affordable housing in high-cost markets, plans capital investments to modernize the community and address aging infrastructure and deferred maintenance. The firm says these improvements are intended to enhance resident experience, reduce ongoing operating costs, and support 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."

Preserving existing affordable units in high-cost regions is a strategic element of maintaining housing stability for households reliant on subsidy-constrained stock. Multifamily Leadership will continue to track transactions and capital programs that affect affordable supply, resident outcomes and operational sustainability across major markets.