Preservation Equity Fund Advisors has fully invested its WNC Preservation Equity Fund 2 in $229 million in assets across six states. Fund 2 is a $100 million equity fund that closed in May 2022.

The fund's investment objective is to acquire affordable apartment communities serving residents making 80% or less of the area median income through income certification means testing and to preserve affordability during the period of ownership and beyond. Target markets include high cost-burdened communities in the U.S. with significant barriers to entry, strong market fundamentals, and a substantial gap between affordable and market rate rents.

Fund 2 has made 12 investments representing 1,405 units at an aggregate 59% leverage. The six states in which the investments are located include California, Colorado, Florida, Illinois, Maryland and Washington.