WNC, Irvine, Calif., a national investor in real estate and community development initiatives, has closed its 2013 fiscal year with a total of six low-income housing tax credit funds that raised an aggregate $348 million in equity.
The equity was raised through a mix of multi-investor national, state tax credit and proprietary funds, and the WNC funds acquired 59
"The 2013 fiscal year has been a period of tremendous growth for our company, adding nearly 5,000 units to our acquisition portfolio and welcoming 10 new institutional investors to our funds," said Michael Gaber, executive vice president and chief operating officer of WNC, in a press release.
WNC's funds financed the development of a wide variety of properties, including Hope Cottages, consisting of 32 newly constructed single family homes in Joplin, Mo., where tornadoes ravaged the area in 2011; a new 160-unit community to be constructed for seniors in Honolulu; and the rehabilitation of a 207-unit apartment complex for families in a difficult development area in Baton Rouge, La.
