85-unit Clearwater senior apartment community sold

Preservation Equity Fund Advisors has acquired Pine Berry Senior Apartments, an 85-unit affordable senior housing community in Clearwater.

Pine Berry sits on 3.2 acres and serves older residents, with most units reserved for tenants 62 and older and the remainder set aside for residents 55 and older.

Built in 2011 with low-income housing tax credits, the property restricts rents to households earning between 35% and 60% of the area median income. In Pinellas County, 27.5% of residents are 65 or older, according to U.S. Census Bureau data.

“With high housing costs and a low supply of affordable housing, the property is well poised for continued demand, especially with set-aside requirements as low as 35% of AMI,” Ann Caruana, president and chief investment officer at PEF Advisors, said in a statement.

Income-restricted senior housing in Pinellas

Pine Berry consists of a single four-story residential building with 43 one-bedroom units and 42 two-bedroom units. The community was 98.8% occupied at closing.

Amenities include a swimming pool, clubhouse with a business center, community room, library, fitness center, on-site laundry, barbecue and picnic areas and landscaped courtyards.

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Caruana said the asset’s location and condition helped shape the investment.

“The central location, high quality, newer vintage and abundance of amenities make the asset attractive for long-term investment and preservation of affordable housing,” she said.

The acquisition closed in March and marks the third investment in PEF Advisors’ third Capital A affordable housing fund.

Founded in 2016, PEF Advisors invests in the acquisition and preservation of affordable housing in high-cost markets. The firm is affiliated with WNC & Associates, which reports involvement in more than 120,000 housing units representing $21.5 billion in affordable housing nationwide through tax credit and preservation equity strategies.

The purchase price was not disclosed.