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| Will Cooper Jr. |
IRVINE, Calif. –– WNC, a
national investor in real estate and community development initiatives,
announced it has closed WNC California Preservation Equity Fund, the firm’s
first institutional fund exclusively dedicated to preserving affordable housing
communities in California.
WNC California Preservation Equity Fund is expected
to acquire and preserve $120 million of affordable housing communities.
“The demand for affordable
housing in California outweighs the available supply, resulting in a crucial
need to preserve aging low-income homes,” said WNC President and Chief
Executive Officer Will Cooper, Jr.
“WNC is pleased to close this fund with the support of five CRA-qualified
investors as we work to preserve and protect these vitally needed affordable
housing communities.”
To date, WNC has invested
equity from the fund into the preservation of five low-income housing
communities in the counties of Los Angeles, Orange, Riverside and Madera.
Combined, the five properties offer 507 affordable housing units to seniors and
families.
WNC California
Preservation Equity Fund is anticipated to be fully invested by the fourth
quarter of 2017. The fund is structured to provide investors a cash-on-cash
return.
For a complete copy of the company’s news
release, please contact:
Julie Leber
Spotlight Marketing Communications
949.427.5172, ext. 703
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