IRVINE, CA—WNC has closed WNC Institutional Tax Credit Fund X California Series 12 LP, a $48.5-million institutional low-income housing tax-credit fund. The fund includes 11 investors and will acquire nine properties in four California counties.
The portfolio for WNC Cal 12 is composed of seven multifamily and two senior-housing properties. The 714 units of affordable housing are located in Los Angeles, San Diego, San Bernardino and Kern counties. GlobeSt.com has learned that the properties are: Arbor Terrace in Colton; Campina Court in La Mesa; Cunningham and Jefferson, Juanita Tate Legacy Towers and Roberta Stephens Villas in Los Angeles; Regency Court in Monrovia; Sonoma Court in Escondido; Valley View in Delano; and Willow Wood and Denny Place in North Hollywood.
WNC Cal 12 is the company’s second California fund to close in the past 12 months, representing an equity raise of $94.5 million in the last year. The firm has a long tradition of raising equity for affordable housing in California and has closed a total of 28 funds that have acquired 185 properties in 45 counties. According to the firm, 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,” says Will Cooper, Jr., president and CEO of WNC. “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.”
Affordable-housing activity has been noted in other parts of Orange County recently. As GlobeSt.com reported in April, a joint venture between Cornucopia Services and Preservation Partners Development III LLC has purchased Huntington Villa Yorba Apartments, a 198-unit, gated multifamily complex at 16000 Villa Yorba Lane in Huntington Beach for $47.7 million from what GlobeSt.com has learned is Topa Management Co. The affordable-housing community was purchased and will be renovated through the use of Low Income Housing Tax Credit equity and tax-exempt bonds.