Saturday, July 9, 2016

Renovation and Expansion of Apartments into 66-Unit Affordable Housing Community Complete in San Francisco Bay Area

  
Michael Gaber
SAN FRANCISCO, CA– WNC, a national investor in real estate and community development initiatives, announced today the completion of Kimme’s Place, a new affordable housing community with a combination of 66 reconstructed and new units in the Bay Area suburb of Vacaville, Calif.

WNC provided approximately $3.4 million in low-income housing tax credit (LIHTC) equity to fund the development.

Kimme’s Place consists of 26 one-bedroom and 40 two-bedroom garden-style units for families. Located at 1437 Callan St., amenities include onsite management, a laundry facility, fitness center, classroom/computer room and picnic area. Each unit is equipped with central heating and air conditioning, energy efficient appliances, inset LED lighting and granite countertops.

Kimme’s Place was co-developed by CFY Development Inc. and The EGIS Group Inc. With a total cost of $15 million, the development took approximately one year to complete. Bruce Keith served as the project’s architect. Additional funding was provided by the City of Vacaville, Boston Capital and JP Morgan Chase.

“WNC has long-term relationships with CFY Development and EGIS that have spanned more than 25 years and 10 years, respectively,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. “Our firm is very proud to have partnered with them once more to preserve and upgrade 66 units of affordable housing that may otherwise be out of reach for families in need.”

 For  a complete copy of the company’s news release, please contact:

Julie Leber
Spotlight Marketing Communications
949.427.5172 ext. 703



No comments: