IRVINE, CA—WNC has closed WNCInstitutional Tax Credit Fund X California Series 12 LP, a$48.5-million institutional low-income housingtax-credit fund. The fund includes 11 investors and will acquirenine properties in four California counties.

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The portfolio for WNC Cal 12 is composed of sevenmultifamily and twosenior-housing properties. The 714 units ofaffordable housing are located in Los Angeles, SanDiego, San Bernardino and Kern counties. GlobeSt.com has learnedthat the properties are: Arbor Terrace in Colton;Campina Court in La Mesa; Cunningham andJefferson, Juanita Tate Legacy Towers and RobertaStephens Villas in Los Angeles; RegencyCourt in Monrovia; Sonoma Court inEscondido; Valley View in Delano; andWillow Wood and Denny Place inNorth Hollywood.

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WNC Cal 12 is the company's second Californiafund to close in the past 12 months, representing an equity raiseof $94.5 million in the last year. The firm has a long tradition ofraising equity for affordable housing in California and has closeda total of 28 funds that have acquired 185 properties in 45counties. According to the firm, WNC is the only syndicator thathas successfully offered and closed a California fund in each ofthe last 12 years.

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“While other syndicators have come and gone in the CaliforniaLIHTC market, we are very pleased to complete yetanother successful offering with our developmentand investment partners,” says WillCooper, Jr., president and CEO of WNC. “California has oneof the largest gaps in income equality, as well as some of thenation's most-expensive housing. With the California series 12fund, WNC seeks to protect existing affordable-housing projectsthrough renovation and expand the stock of units available to thestate's working families and low-income seniors.”

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Affordable-housing activity has been noted in other parts ofOrange County recently. As GlobeSt.com reported in April, a joint venture betweenCornucopia Services and PreservationPartners Development III LLC has purchasedHuntington Villa Yorba Apartments, a 198-unit,gated multifamily complex at 16000 Villa YorbaLane in Huntington Beach for $47.7 million from whatGlobeSt.com has learned is Topa Management Co. Theaffordable-housing community was purchased and will be renovatedthrough the use of Low Income Housing Tax Creditequity and tax-exempt bonds.

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Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.