Preservation Equity Fund Advisors has acquired Crescent Club, a 215-unit age-restricted and fully affordable senior living community in Orlando, Fla. The property caters to residents earning 28, 30 and 60 percent of the area median income.
The 55+ community was acquired in 2022 by WNC & Associates in a $31 million transaction, according to Yardi Matrix Data. Crescent Club was also subject to a $19.6 million Fannie Mae CMBS loan originated by Berkadia, the same source shows.
Completed in 1975 and re-built in 2002 from the ground up, Crescent Club encompasses six buildings with one- and two-bedroom apartments ranging between 700 and 825 square feet. Common-area amenities include a fitness center, a clubhouse, a business center, picnic pavilion with grilling areas, a swimming pool, a library and laundry facilities. Other features are gated access, parking and security camera monitoring.
PEF Advisors plans to invest capital expenditures into improvements and enhancements such as HVAC and hot water heater replacements, asphalt slurry, exterior paint and more. The community provides resident activities, health-care screening and daily resident assurance check-ins.
Located at 4100 S. Rio Grande Ave., the property is near the intersection of Route 441 and Interstate 4. An abundance of shops, entertainment venues, culture and dining places are situated in the area, including The Mall at Millenia and Universal Orlando Resort. Orlando Health Arnold Palmer Hospital, Orlando International Airport and Valencia College West Campus and within a 10-mile radius from the community.
Preservation Equity Fund Advisors has recently acquired another affordable community from WNC & Associates, called Lexington Green in El Cajon, Calif. The property is a stabilized project-based Section 8 community for households earning between 50 and 60 percent of the area median income.