Preservation Equity Fund Advisors LLC has purchased Webster Court, a 92-unit fully affordable, age-restricted community in Kent, Wash. CBRE Capital Markets provided a $5.7 million Fannie Mae loan for the deal, according to Yardi Matrix data. The same source shows that the community last traded a decade ago, when the Sustainable Housing for Ageless Generations sold it for $4.6 million.
Built in 1994 with tax credits from the Washington State Housing Finance Commission, the senior housing community caters to residents over the age of 55, earning between 35 and 60 of the area median income.
PEF Advisors plans to invest around $1.2 million to improve the quality of the housing, upgrade maintenance features and improve the curb appeal.
The four-story building incorporates one-bedroom floorplans ranging between 430 and 483 square feet. Common-area amenities at the senior living facility include a courtyard, a community room, barbeque and picnic areas, four laundry facilities, controlled access and parking spaces.
Webster Court is located at 309 5th Ave. in the Kent submarket. The property is near routes 167 and 516, as well as Interstate 5, which provide direct access to downtown Seattle. Several retail centers, dining options and green areas are within walking distance of the community.
In February, PEF Advisors acquired a 198-unit age-restricted and fully affordable community in Homewood, Ill. The units at Freedom Village are designated for seniors earning 60 percent of the area median income.
