
Beyond the Resume podcast with Ann Caruana (A different kind of equity)
What does it take to build a successful affordable housing investment platform and a career that keeps evolving? We sit down with Ann Caruana, President and Chief Investment Officer at Preservation Equity Fund Advisors (PEFA), to explore affordable housing preservation, real estate investing, and the experiences that shaped her leadership. Ann shares how she joined PEFA as its first full-time employee in 2018 and helped grow the platform from a $25 million prototype fund to nearly $600 million in assets under management. She explains how her team uses data analytics to evaluate investment opportunities across more than 3,000 U.S. counties and identify markets where affordable housing preservation makes financial sense. We trace Ann's journey from Ohio to California, where she arrived with just $2,000, and through a career in multifamily real estate, acquisitions, and market research. She reflects on the mentors who pushed her outside her comfort zone and how a corporate merger ultimately led her into affordable housing. We also explore the differences between Low-Income Housing Tax Credit (LIHTC) development and preservation acquisitions, including financing, rent growth, renovations, and the challenges of today's interest-rate environment. Beyond real estate, Ann discusses an innovative company-wide AI training initiative, balancing executive leadership with family life, what she looks for when hiring, and why supportive mentorship matters. CHAPTERS (00:20) Meet Ann Caruana and PEFA (02:53) Using data to identify investment markets (05:11) Growing up in Ohio and moving to California (07:37) Finding her path in multifamily real estate (09:26) The power of mentorship (10:57) Research and forecasting rent growth (12:49) A corporate merger and career pivot (15:47) LIHTC development vs. affordable housing preservation (19:09) Investment markets and interest-rate challenges (22:06) The Hot Seat: A book recommendation (32:15) Mentors and leadership philosophy ---- YouTube: https://youtu.be/RCGXTAONiAk Spotify: https://bit.ly/beyondtheresume-spotify Apple Podcasts: https://apple.co/3I3nkG9


















