Acquisition Highlights Senior and Family Affordable Housing Opportunity in Supply Constrained Market of Hampshire County, Mass. MSA
HADLEY, Mass., April 20, 2026 /PRNewswire/ — Preservation Equity Fund Advisors, LLC (PEF Advisors), a real estate private equity group focused on preserving existing affordable housing in high-cost markets, announced the acquisition of University Crossing and Woodland Crossing Apartments, a 160-unit affordable community located in Hadley, Massachusetts.
The acquisition includes Woodland Crossing, an 80-unit senior community built in 2000 and restricted to residents aged 62 and older, and University Crossing, an adjacent 80-unit family property completed in 2002. Together, the communities offer a unique combination of senior and family housing within a single, integrated campus, serving a broad range of residents in a high-demand rental market.
Built with low-income housing tax credits, the properties include a mix of income restricted and market-rate units, with the majority serving households earning between 50% and 60% of Area Median Income (AMI). The communities had a 91.88% combined occupied at acquisition, reflecting strong demand for affordable housing in the region.
Located approximately five minutes from downtown Amherst and within the Five College Consortium, home to Amherst College, Hampshire College, Mount Holyoke College, Smith College and the University of Massachusetts Amherst, the property benefits from a stable economic base driven by higher education, healthcare, and research institutions. The Amherst Town-Northampton, Mass. MSA is characterized by limited supply of new multifamily and high barriers to homeownership, supporting long-term rental demand and occupancy stability.
“University and Woodland Crossing represent a compelling opportunity to invest in a high-quality, well-located asset with strong underlying fundamentals,” said Ann Caruana, President and Chief Investment Officer of PEF Advisors. “The combination of senior and family housing within one community is particularly attractive, allowing us to serve multiple resident populations while benefiting from diversified demand drivers and stable occupancy.”
PEF Advisors’ business plan includes targeted capital improvements designed to enhance the resident experience, address deferred maintenance, and support long-term asset preservation. “The property offers a unique blend of income stability and growth potential, driven by below-market rents, strong Area Median Income growth, and opportunities to improve operating efficiencies over time,” added Caruana. “Importantly, we are able to pursue these enhancements while maintaining long-term affordability and preserving critical housing options in a supply-constrained market.”
Woodland Crossing consists of two three-story residential buildings with 80 one-bedroom units averaging approximately 600 square feet. University Crossing includes three three-story buildings offering a mix of one-, two-, and three-bedroom units designed to accommodate families and local workforce residents. Community amenities include resident lounges with kitchenettes, laundry facilities, elevators, outdoor recreational areas, bike paths and community gardens. Interior unit features include fully equipped kitchens, air conditioning, ceiling fans and updated flooring. The location provides convenient access to various shopping, dining and recreational amenities, and the nearby colleges offer extensive academic, cultural and social resources.
University and Woodland Crossing closed in April 2026 and represent PEF Advisors’ fifth acquisition in its third affordable housing fund.
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 54 years of experience in acquiring more than 119,000 units representing $21.4 billion in affordable housing nationwide, primarily through tax credit and/or preservation equity strategies.
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SOURCE PEF Advisors
