SAN DIEGO, Nov. 9, 2017 — WNC, a national investor in real estate and community development initiatives, has announced that the renovation of Woodglen Vista Apartments, a 188-unit affordable housing community in Santee, California, is complete. WNC provided approximately $13.2 million in low-income housing tax credit (LIHTC) equity to fund the project.
“The San Diego multifamily market continues to tighten, while the demand for affordable housing in the sector is outpacing supply,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. “The community, which will be available to families with household incomes at 50 percent and 60 percent of the area's median household income level, will offer residents a quality, affordable housing option far below the current rental price in San Diego.”
Woodglen Vista Apartments is located at 10450 N. Magnolia Ave., and is comprised of eight two-story residential buildings and a single-story leasing office and community center. The community's amenities include a clubhouse, computer center, social services, laundry facility, picnic area, swimming pool and 286 parking spaces.
Jamboree Housing Corporation, an award-winning, broad-based nonprofit housing development company, served as the developer for the project.
WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives, as well as a leading investor in low-income housing tax credits (LIHTC). WNC has acquired more than $7.7 billion of assets totaling in excess of 1,300 properties in 45 states, Washington D.C., and the U.S. Virgin Islands. Since 2000, WNC has been awarded four New Markets Tax Credit (NMTC) allocations, totaling $178 million, and has facilitated development of 17 low-income community projects. WNC's investor base exceeds 19,500 institutional and retail clients, including Fortune 500 companies, multinational banks, and insurance companies. Additional information is available at www.wncinc.com.
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