Preservation Equity Fund Advisors and Freestone Capital Form Joint Venture to Preserve Affordable Housing Assets

IRVINE, Calif. - May 27, 2026 - Preservation Equity Fund Advisors ("PEF Advisors") today announced the formation of a new joint venture with Freestone Capital, a Seattle based wealth advisory and asset management firm. The venture is focused on the long-term ownership and preservation of affordable housing communities.

The joint venture includes four multifamily assets originally acquired through WNC California Preservation Equity Fund, L.P. ("Fund I"), PEF Advisors' inaugural fund. Through this transaction, the properties have been recapitalized into a structure designed to support continued affordability, operational stability, and long-term asset stewardship.

"Our partnership with Freestone brings together aligned capital and a shared commitment to preserving high-quality affordable housing," said Ann Caruana, President and Chief Investment Officer of PEF Advisors. "We are pleased to recapitalize these communities into a long-term vehicle that prioritizes maintaining affordability, quality, and resident stability."

This partnership reflects PEF Advisors' broader strategy of combining institutional investment discipline with the core mission of preserving Capital A affordable housing. Caruana continued, "The transition of these assets to a well-capitalized, long-term owner underscores PEF Advisors' commitment to responsible capital stewardship and durable housing outcomes beyond the life of the 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 55 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.

About Freestone Capital Management

Freestone Capital Management is an independent, fee-only wealth advisory and asset management firm that combines superior client service and a comprehensive investment approach. Clients entrust Freestone to help them pursue their long-term financial goals. The firm serves clients throughout the country with offices in Seattle, San Francisco, Silicon Valley, Santa Barbara, and Anchorage. Learn more at freestonecapital.com.