PEF Advisors Acquires Alcove East Village Affordable Housing Community in San Diego for $20M

by Amy Works

SAN DIEGO — Preservation Equity Fund Advisors has purchased Alcove East Village (formerly known as Nook East Village) in San Diego from an undisclosed seller for $20 million.

Built in 2019, the five-story Alcove East Village features 91 affordable residences for individuals and veterans. Each apartment averages 254 square feet and includes kitchenettes with under-counter refrigerators, two-burner stove tops, microwaves, private bathrooms and hardwood floors. Select units offer balconies.

The community has eight units allotted for residents earning up to 30 percent of the area median income (AMI), two units at 65 percent AMI, 80 units at 80 percent AMI and one manager unit. Regulatory agreements require five units to be fully handicap accessible and two unit to be accessible to the hearing and visually impaired. As of September 2022, the property was 95.6 percent occupied.

Onsite amenities include a community room, laundry facilities, elevator, controlled access, leasing office, rooftop patio, bike parking, Amazon Hub lockers and valet trash pickup.

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