February 1, 2018
Irvine, CA-based WNC, in partnership with subsidiary Community Preservation Partners, and non-profit Jamboree Housing Corporation, completed the $6.56-million renovation of Miracle Terrace Apartments in Anaheim, CA. WNC provided roughly $17 million in low-income housing tax credit (LIHTC) equity to help fund the acquisition of and renovations to the 179-unit community located at 225 S. Western Ave.
WNC’s Michael Gaber says, “Rehabilitating Miracle Terrace Apartments is crucial in a market like Orange County, where demand for multifamily product consistently outpaces the development of new stock, and where affordable properties are increasing being renovated for higher income renters.”
The upgrades work out to about $36,635 per unit. The community is comprised of 71 studio units, 107 one-bedroom units, and a single two-bedroom unit for the onsite manager. The facility is open to seniors ages 62 and older with household incomes between 35% and 60% of the area’s median income level.
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