 |
| Will Cooper Jr. |
IRVINE, CA June 2, 2014 – WNC, a national investor in real
estate and community development initiatives, announced today it has closed WNC
Institutional Tax Credit Fund X California Series 12, LP (WNC Cal 12), a $48.5
million institutional low-income housing tax credit (LIHTC) fund.
The fund, which includes 11 investors, will acquire nine
properties located in four counties in California.
Comprised of seven
family and two senior housing properties, WNC Cal 12 includes 714 units of
affordable housing in Los Angeles, San Diego, San Bernardino and Kern counties.
WNC Cal 12 is the
company’s second California fund to close in the past 12 months, representing
equity raise of $94.5 million in the last year.
WNC has a long tradition of raising equity for affordable
housing in the Golden State and has closed a total of 28 California funds that
have acquired 185 properties in 45 counties.
WNC is the only syndicator that
has successfully offered and closed a California fund in each of the last 12
years.
“While other
syndicators have come and gone in the California LIHTC market, we are very
pleased to complete yet another successful offering with our development and
investment partners,” said WNC President and Chief Executive Officer Will
Cooper, Jr.
“California has one of the largest gaps in income equality,
as well as some of the nation’s most expensive housing. With the California
Series 12 fund, WNC seeks to protect existing affordable housing projects
through renovation and expand the stock of units available to the state’s
working families and low-income seniors.”
WNC, founded in 1971
and headquartered in Irvine, Calif., is a national investor in real estate and
community development initiatives.
WNC has acquired
more than $6.2 billion of assets totaling in excess of 1,200 properties in 45
states, Washington D.C. and the U.S. Virgin Islands.
Since 2000, WNC has been
awarded four New Markets Tax Credit (NMTC) allocations, totaling $178 million,
and has facilitated development of 17 low-income community projects.
WNC’s investor base
exceeds 19,500 institutional and retail clients, including Fortune 500
companies, multinational banks, and insurance companies. Additional information
is available at www.wncinc.com.
For a complete copy of the company’s news release, please
contact:
Julie Leber
Spotlight Marketing Communications
949.427.5172, ext. 703
No comments:
Post a Comment