Wednesday, June 17, 2015

Renovation of Two Affordable Housing Communities Completed Near Tupelo, MS; WNC provided $3.3 million in LIHTC equity to fund renovations at Regal Ridge Apartments and Wisteria Apartments


Michael Gaber
Tupelo, MS, June 17, 2015 – WNC, a national investor in real estate and community development initiatives, announced today the completion of renovations to Regal Ridge Apartments, which offers 24 units of affordable housing, and Wisteria Apartments, offering 30 units of affordable housing, in the Tupelo suburb of Plantersville, Miss.

WNC provided approximately $3.3 million in low-income housing tax credit (LIHTC) equity to fund the renovation projects. 

“We are excited to help provide a much needed upgrade to the affordable housing offered to local families of Plantersville,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. 

“The rehabilitation of Regal Ridge Apartments and Wisteria Apartments will help to sustain and elevate the local rental housing supply.”

Regal Ridge Apartments is located at 200 Cedar St. and is comprised of 24 residential units divided between six buildings. Each of the two-bedroom units is equipped with a range, refrigerator, central air conditioning, ceiling fans, window blinds and ample storage space. Community amenities include onsite property management, laundry facilities, a computer center, gazebo and playground.

Herbert J. Peterson from CMS Real Estate Development and Chase Dudley from Barron Lane were the project developers. CMS Real Estate Development received the LIHTC financing to help fund the renovations.

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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