KENT, Wash. — Preservation Equity Fund Advisors LLC (PEF Advisors) has acquired Webster Court, a 92-unit, four-story affordable seniors housing community in Kent, 20 miles south of Seattle.
PEF Advisors has budgeted approximately $1.2 million, or $12,915 per unit, to address deferred maintenance, improve curb appeal, and elevate the quality of housing and competitiveness of the property. The seller and price were not disclosed.
Resident parking consists of 38 uncovered spaces. All 92 apartment units are one-bedrooms and average 458 square feet. As of March 2023, the property was 88 percent occupied, with occupancy numbers expected to rise as property improvements are completed.
“This is the second property that we’ve acquired in this area, so we know this market and asset type well,” says Ann Caruana, president and chief investments officer at PEF Advisors. “In March 2021, we acquired Rainier Vista, another seniors housing development just 15 minutes away from Webster Court which is 97 percent occupied. With the planned improvements and high walkability of Webster Court, we believe it can stabilize within a year and provide high-quality affordable housing for seniors.”
Webster Court primarily serves seniors aged 55+ and people with disabilities. It was originally built in 1994 with tax credits from the Washington State Housing Finance Commission (WSHFC) and is governed by a LIHTC LURA that restricts 24 units at 35 percent of area median income (AMI), and 66 units at 60 percent AMI.
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