PEF Advisors Acquires Quail Run Apartments in San Leandro, Calif.

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The 104-unit property preserves affordable housing in the Oakland, Calif. MSA

San Leandro, Calif. - July 20, 2026 - Preservation Equity Fund Advisors, LLC (PEF Advisors), a real estate private equity firm focused on preserving existing affordable housing in high-cost markets, today announced the acquisition of Quail Run Apartments, a 104-unit affordable housing community in San Leandro, California.

Originally developed in 1987 with Low-Income Housing Tax Credits (LIHTC), Quail Run provides affordable housing for families earning 50% to 80% of Area Median Income. Located in the heart of the East Bay, the property offers convenient access to Interstate 580, Interstate 238 and California State Route 185, and is within two miles of the employment center of downtown San Leandro, which also offers local amenities such as grocery stores, parks and healthcare.

Quail Run is a low-density community consisting of 10 two-story residential buildings across four acres, 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 spaces. Apartment homes feature ceiling fans, private balconies or patios, exterior storage closets and accessible units. As of closing, the property was 95.2% occupied.

PEF Advisors plan to invest in capital improvements to modernize the community and address aging infrastructure and deferred maintenance. Planned improvements will enhance both the resident experience, ongoing operating costs, and 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."

Quail Run closed in July 2026 and represents PEF Advisors' seventh acquisition for Preservation Equity Fund 3, continuing the firm's strategy of acquiring and preserving existing affordable housing in supply-constrained, high-cost markets across the United States.

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 55 years of experience in acquiring more than 121,000 units representing $21.8 billion in affordable housing nationwide, primarily through tax credit and/or preservation equity strategies.