WNC, a national investor in real estate and community development initiatives, announced today it has closed WNC Institutional Tax Credit Fund X California Series 13, LP (WNC Cal 13), a $75 million institutional low-income housing tax credit (LIHTC) fund. The fund, which includes seven investors, will acquire nine properties in California.
Comprised of family and senior housing properties, WNC Cal 13 includes 978 units of affordable housing in both suburban and urban parts of the state, including Casa de Seniors in San Clemente, a 72-unit senior housing rehabilitation project located one mile from the Pacific Ocean.
Compared to previous funds in the WNC California series, WNC Cal 13 is the company’s second largest equity raise thus far. In addition, 80 percent of the properties had repeat developers, and six of the seven investors had previously participated in WNC funds.
WNC has a long tradition of raising equity for affordable housing in the Golden State and has closed a total of 18 California funds that have acquired more than 250 properties in 46 counties. WNC is the only syndicator that has successfully offered and closed a California fund in each of the last 13 years.
“The closing of the most recent WNC California Series fund is a testament to our experience in the LIHTC market and our dedication to providing affordable housing to the state’s low income seniors and families,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. “We have participated in this market for more than 40 years, and in that time, we have learned a great deal about how to successfully navigate and effectively structure low-income housing tax credits, and with more than 80 percent repeat clientele from our WNC Cal 13 development and investment partners, our commitment speaks for itself.” With the closing of Corp 40 in the spring and this closing of WNC Cal 13, WNC’s cumulative portfolio value has now surpassed the $7 billion benchmark.
About WNC
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 $7 billion of assets totaling in excess of 1,225 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.
