December 14, 2016
Irvine, CA-based WNC closed WNC California Preservation Equity Fund, its first institutional fund exclusively dedicated to preserving affordable housing communities in California. The fund is expected to acquire and preserve $120 million of affordable housing neighborhoods.
The fund is anticipated to be fully invested by Q4 2017, and is structured to provide investors a cash-on-cash return. So far, WNC’s invested equity from the fund includes five low-income housing communities totaling 507 units in Los Angeles, Orange, Riverside and Madera counties.
WNC’s Will Cooper, Jr. says, “The demand for affordable housing in California outweighs the available supply, resulting in a crucial need to preserve aging low-income homes.”
The investor closed the fund with the support of five CRA-qualified investors.
For comments, questions or concerns, please contact Dennis Kaiser