IRVINE, Calif., April 9, 2026 /PRNewswire/ — Preservation Equity Fund Advisors (“PEF Advisors”) today announced the successful recapitalization of Dover Woods, the final asset in WNC California Preservation Equity Fund, L.P. (“Fund I” or the “Fund”), marking the completion of the Fund’s full investment lifecycle and positioning the Fund for dissolution.
Dover Woods, a 200-unit multifamily property located in Fairfield, Calif., represents the final transaction in a series of dispositions and asset recapitalizations that together achieved full realization for Fund I investors.
Fund I, a vintage 2017 closed-end vehicle with $25 million of committed equity, invested in eight multifamily properties between 2017 and 2019 on behalf of six institutional investors. Through active asset management, select dispositions, and strategic recapitalizations, the Fund executed its preservation strategy while maintaining long-term affordability across its portfolio.
“The completion of Fund I represents an important milestone for our platform,” said Ann Caruana, President and Chief Investment Officer of PEF Advisors. “We are pleased to have delivered a full-cycle outcome for our investors as promised while ensuring these communities remain well-positioned to serve low-income residents over the long term.”
“We spent nearly $7,000 per unit investing back into these communities to address deferred maintenance, energy efficiency upgrades, and to sustain services to low-income residents,” Caruana continues. “With 98% of the residents in this portfolio making less than 60% of AMI, these improvements were crucial in helping lower utility costs while preserving quality housing and services.”
PEF Advisors is currently investing its third vehicle in the fund series, Preservation Equity Fund 3, L.P., which closed in September 2025, with $156 million of committed capital and 17 institutional investors.
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
