SAN LEANDRO, CA – Preservation Equity Fund Advisors, LLC (PEF Advisors), a real estate private equity firm focused on preserving existing affordable housing in high-cost markets, announced the acquisition of Quail Run Apartments, a 104-unit affordable housing community in San Leandro, California.
Originally developed in 1987 with Low-Income Housing Tax Credits (LIHTC), Quail Run provides affordable housing for families earning 50% to 80% of Area Median Income. Located in the heart of the East Bay, the property offers convenient access to Interstate 580, Interstate 238 and California State Route 185, and is within two miles of the employment center of downtown San Leandro, which also offers local amenities such as grocery stores, parks and healthcare.
Quail Run is a low-density community consisting of 10 two-tale residential buildings across four acres, with 104 one- and two-bedroom homes averaging 737 square feet. Community amenities include a business center, swimming pool and spa, bike racks, a car wash area and ample parking spaces. Apartment homes feature ceiling fans, private balconies or patios, exterior storage closets and accessible units. As of closing, the property was 95.2% occupied.
PEF Advisors plot to invest in capital improvements to modernize the community and address aging infrastructure and deferred maintenance. Plotted improvements will enhance both the resident experience, ongoing operating costs, and the property’s long-term sustainability.
“This was an opportunity to invest in an affordable community at an attractive basis in a high cost market,” said Ann Caruana, President and Chief Investment Officer of PEF Advisors. “Our goal is to preserve not only the affordability of the community, but also the quality of the homes where residents live.”
Caruana continued, “The East Bay continues to experience strong economic growth and an ongoing shortage of affordable housing. By investing in Quail Run, we’re preserving an vital housing resource in a location that provides residents with access to employment, schools, healthcare and transportation, while ensuring the property remains a safe, well-maintained community for the long-term.”

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SAVANNAH, GA – Thompson Thrift, a full-service nationally recognized real estate company and one of the nation’s leading multifamily developers, announced the development of The Foundry at Mosaic, a 300-unit multifamily community in the prosperous Savannah suburb of Pooler. Construction is expected to start this month, with resident go-ins anticipated to start in November 2027.
“The Foundry at Mosaic represents another exciting opportunity to expand our presence in one of the Southeast’s most dynamic growth markets,” said Josh Purvis, managing partner for Thompson Thrift Residential. “Pooler continues to benefit from exceptional population growth, major employment investments and strong housing demand. We look forward to making a community that complements that growth while providing residents with an exceptional living experience.”
Located within the Mosaic Town Center at the southeast corner of Pooler Parkway and Interstate 16, The Foundry at Mosaic will offer residents a highly walkable lifestyle destination with convenient access to shopping, dining and entertainment, as well as simple access to major employment centers throughout the Savannah region.
“This site offers a unique combination of convenience and connectivity,” said Jesse Houghtalen, senior vice president of development for Thompson Thrift. “Residents will delight in immediate access to Mosaic Town Center and proximity to some of the region’s largest employers, including Hyundai Motor Group’s Metaplant, Gulfstream Aerospace and the Port of Savannah. As the area continues to evolve, The Foundry at Mosaic is ideally positioned to meet increasing demand for high-quality housing.”
The Foundry at Mosaic will feature a mix of one-, two- and three-bedroom apartment homes with spacious layouts ranging up to 1,475 square feet. Residences will include granite countertops, stainless-steel appliances, tile backsplashes, hardwood-style flooring, full-size washers and dryers, smart-home technology, large walk-in closets and private patio, balcony and fenced-yard options.
The community’s amenity package is designed to support both active lifestyles and social engagement. Residents will delight in a resort-style swimming pool, 24-hour fitness center, thoughtfully designed courtyards, outdoor entertainment kitchen, grilling areas, pickleball court, dog park, resident conference room, billiards, shuffleboard, golf simulator and a variety of indoor and outdoor gathering spaces.
The Foundry at Mosaic marks Thompson Thrift’s second multifamily development near the sought-after Savannah Quarters neighborhood. The company recently completed construction on The Liliana, a 360-unit luxury apartment community currently leasing nearby. Strong leasing activity at the community continues to reinforce demand for upscale multifamily housing in the growing Pooler market.
The development will be capitalized with equity from the Thompson Thrift 2025 Multifamily Development, LP.
Over the past 40 years, Thompson Thrift has invested billions of dollars into local communities nationwide and has become known as a trusted partner engaged in all aspects of development, construction, leasing and management of high-quality real estate projects across the country.

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HOUSTON, TX – Houston Mayor John Whitmire joined The NHP Foundation (NHPF), Trinity East Village Community Development Corporation, Housing Alliance HTX, the City of Houston Housing & Community Development Department, Trinity East United Methodist Church and other civic and community leaders to celebrate the groundbreaking of Trinity East Village Senior, a new 90-unit affordable housing community for adults age 55 and older in Houston’s historic Third Ward.
The development represents a major investment in preserving affordability, preventing displacement and ensuring longtime residents can continue living in the neighborhood they helped build as Third Ward experiences continued growth and reinvestment. Construction officially started following the project’s financial closing earlier this summer, bringing to life a vision many years in the making.
“Affordable housing is both a necessity and a critical issue in our country. The Trinity East Village senior living facility is a statement that Houston’s Third Ward will never be forgotten,” said Houston Mayor John Whitmire, “Houston is meeting its challenges, and I congratulate the NHP Foundation for making this project a reality for Houston’s senior citizen community. My administration will continue working with public and private partners to ensure that individuals who need affordable housing remain a priority.”
Developed by The NHP Foundation in partnership with Trinity East Village CDC and Housing Alliance HTX, Trinity East Village Senior will provide high-quality affordable apartments designed specifically for older adults with limited incomes. Sixty of the community’s 90 apartments will serve as replacement housing for residents of Cuney Homes, which is undergoing redevelopment through the federal Choice Neighborhoods Initiative, helping ensure longtime residents can remain rooted in the community.
“This groundbreaking marks the beginning of a new chapter for the Third Ward and reflects what is possible when mission-driven organizations, faith leaders, government and community partners work together,” said Eric Price, President and CEO of The NHP Foundation. “Trinity East Village Senior is about much more than building apartments. It is about ensuring that Houston seniors who have spent their lives contributing to this community can continue to age in place with dignity, stability and access to the services they need to thrive. We are grateful to every partner whose commitment and perseverance made this day possible.”
The City of Houston has played a critical role in advancing the development through funding and partnership, recognizing the importance of expanding affordable housing opportunities for seniors while supporting the long-term revitalization of Third Ward.
“The City of Houston’s $4 million investment in Trinity East Village Senior reflects our commitment to ensuring older adults can age with dignity in the communities they call home,” said Ryan Bibbs, Assistant Director of the City of Houston Housing and Community Development Department. “This development will provide 90 affordable homes while demonstrating what is possible when the City, faith-based organizations, and development partners work together to strengthen our neighborhoods.”
The project fulfills a long-standing vision of Trinity East Village Community Development Corporation and Trinity East United Methodist Church to transform church-owned land into a community asset that protects older adults from displacement while strengthening the surrounding neighborhood.
“Today is the realization of a dream that started years ago with a simple belief—that the people who built this community should be able to remain part of it,” said Rev. Dr. Marilyn White, Executive Director of Trinity East Village Community Development Corporation. “Through the dedication of our congregation, our partners and the community itself, Trinity East Village Senior will provide not only affordable homes, but also hope, security and opportunity for generations of Third Ward seniors.”
Residents of Trinity East Village Senior will have access to modern apartments, quality amenities and comprehensive onsite resident services delivered by Operation Pathways, NHPF’s resident services subsidiary, in partnership with Trinity East. These programs are designed to help older adults maintain their independence, improve health and financial stability, and remain active members of the community. The development will serve extremely low- and low-income seniors, with residents expected to have an average household income of approximately 41 percent of Area Median Income (AMI).
“Developing affordable housing has never been more challenging as rising construction costs, higher interest rates and increasing insurance costs continue to widen the financing gap,” said Jamie Bryant, President and CEO of Housing Alliance HTX, “Projects like Trinity East Village Senior show what is possible when public, private and nonprofit partners come together with a shared commitment to preserving affordability. This community will help ensure that Third Ward seniors, including residents relocating from Cuney Homes, have the opportunity to remain rooted in the neighborhood they call home.”
Trinity East Village Senior is supported through a broad public-private partnership that includes the City of Houston, Housing Alliance HTX, Trinity East United Methodist Church, Midtown Redevelopment Authority, and Rice University’s Real Estate Group. Nine percent Low Income Housing Tax Credits from the Texas Department of Housing and Community Affairs, bought by Bank of America through Hudson Housing Capital, and debt from Bank of America and Churchill Stateside Group round out the financing. Trinity East United Methodist Church’s land contribution and longstanding commitment to neighborhood revitalization were instrumental in making the development possible.
Construction will be led by NRP Construction and is expected to be completed in 2027.

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