The 284-unit property preserves affordable housing in the Portland, OR MSA
Preservation Equity Fund Advisors, LLC (PEF Advisors), a real estate private equity group focused on preserving existing affordable housing in high-cost markets, announced their recent acquisition of Prairie View Apartments, a 284-unit apartment community in Vancouver, WA, a suburb locatemd 25 minutes north of Portland, OR. Originally built in 1990 and redeveloped with low-income housing tax credits in 2008, the property restricts residents to 60% of Area Median Income.
The property includes 30 residential buildings. The buildings are spread across 18.42 acres, providing a low-density layout with 14 units per acre. The property features 66 one-bedroom units, 152 two-bedroom units and 66 three-bedroom units, providing a variety of housing options. Property amenities available to residents include a central laundry facility, an on-site daycare center operated by Educational Opportunities for Children and Families (EOCF), a splash pad, a fenced dog park, and both on-site and covered parking. Resident units offer large floor plans averaging 1,092 square feet and include fully equipped kitchens with white or stainless-steel appliances, washer/dryer connections, balconies or patios, walk-in closets, and storage. As of closing, the property was 98.0% occupied.
“We have been actively seeking assets in the Portland MSA as the metrics consistently score well on the data analytics we consider when choosing target markets for acquisitions. This property in particular falls across the Washington state line of the metro which does not collect income taxes, making it a desirable location within the broader MSA for working families,” said Ann Caruana, President & Chief Investments Officer at PEF Advisors. “Furthermore, with the extended use period expiring in 2037, we will be able to control the exit when the asset becomes at-risk of losing its affordability restrictions and ensure it doesn’t convert to market-rate housing.”
Prairie View apartments closed in March 2025 and represents PEF Advisors’ second acquisition in its third Affordable housing fund.
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