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

Preservation Equity Fund Advisors (PEF Advisors) has announced a new joint venture with Freestone Capital, aimed at the long-term ownership and preservation of affordable housing communities. The deal, which involves an undisclosed investment amount, was revealed on May 27, 2026, and includes four multifamily assets that were originally acquired through the WNC California Preservation Equity Fund, L.P. This partnership underscores a growing trend in the real estate sector focused on maintaining affordable housing in high-cost markets.

The properties included in the joint venture have been recapitalized to ensure continued affordability and operational stability. Dover Woods, located in Fairfield, California, is one of the key assets in this initiative. The recapitalization strategy is designed to prioritize the long-term stewardship of these communities, reflecting a commitment from both PEF Advisors and Freestone Capital to preserve high-quality affordable housing. Ann Caruana, President and Chief Investment Officer of PEF Advisors, emphasized the importance of aligning capital with the mission of maintaining affordability and resident stability.

PEF Advisors, established in 2016, has a strong focus on acquiring and preserving affordable housing in high-cost markets through private equity funding. The firm is an affiliate of WNC & Associates, Inc., which has over 55 years of experience in the affordable housing sector. With a portfolio that includes more than 119,000 units valued at approximately $21.4 billion, PEF Advisors leverages institutional investment discipline to achieve its goals. The collaboration with Freestone Capital, a wealth advisory and asset management firm, brings additional expertise and resources to the venture.

The formation of this joint venture comes at a time when the affordable housing crisis is increasingly pressing in many urban areas across the United States. As demand for affordable housing continues to rise, partnerships like this one are critical in ensuring that existing properties remain viable and accessible to low- and moderate-income residents. By focusing on long-term ownership and operational stability, the joint venture aims to create durable housing outcomes that extend beyond the typical investment horizon.

Overall, the collaboration between PEF Advisors and Freestone Capital highlights a strategic approach to addressing the challenges of affordable housing in high-demand markets. As the real estate sector increasingly recognizes the importance of preserving affordable housing, similar partnerships may emerge, driving further investment into this critical area and fostering sustainable community development.