Chicago Construction News staff writer
WNC & Associates (WNC) recently announced 2023’s results of acquiring more than $2 billion in affordable housing across the United States, including a three story building in Homewood. Acquisitions are expected to result in development and preservation of more than 6,000 affordable rental units for approximately 12,600 seniors, families, and veterans the company said in a news release.
Founded in 1971, WNC has acquired more than $18.2 billion in assets, creating and preserving 1,825 affordable housing properties and more than 114,000 units nationwide.
“These numbers, and the resulting impact we’ve had in preserving and syndicating affordable housing across the country, reflect a strong team performance in three distinct, yet synergistic business units in affordable housing syndication, re-development and preservation,” said Will Cooper, Jr., CEO of WNC. “Our success, both this year and over our 52-year history as a family-owned business, is the result of the leadership of a team of experienced, highly focused professionals that support each other across business lines.
“As a result of our well-positioned teams, we expect continued organic growth in all three of our business lines in 2024 and beyond.”
WNC’s deals includes the following:
Freedom Village (Homewood, IL) – 198-unit affordable housing community designated for seniors aged 65+ and located in Cook County. Built in 1998 with low-income housing tax credits, the three-story building will include units at 60% Area Median Income (AMI) through 2060.
Webster Court (Kent, Wash.) – 92-unit apartment community located 20 miles south of Seattle. In March 2023, PEF Advisors purchased the four-story development and invested approximately $1.2 million to address deferred maintenance, improve curb appeal, and elevate the quality of housing and competitiveness of the property for seniors 55+ with income restrictions of 35% and 60% of Area Median Income through 2030.
Sangre De Cristo Apartments and Santa Fe Apartments (Santa Fe, NM) – In October 2023, CPP purchased and planned renovation of two developments in the city: Sangre De Cristo Apartments and Santa Fe Apartments. Once renovated, the two developments, which comprise 228 units, will be restricted to households earning 60 percent or less of AMI and which will continue to benefit from project-based rental assistance.
Cambridge Square Apartments (Monroeville, PA) – affordable housing community 14 miles east of downtown Pittsburgh includes eight two-story residential buildings with 204 affordable apartments.
The Safford (Marana, AZ) – WNC partnered with Dominium Development to provide the tax credit equity investment of $42.9 million for the new construction of The Safford, a 200-unit planned development located in Marana, AZ, about 16 miles north of downtown Tucson..
Prichard Hotel (Huntington, WV) – WNC partnered with Winterwood Development to provide the tax credit equity investment $17 million and historic tax credit equity of $7.7 million to buy and rehabilitate a 13-story historic hotel.
