WNC & Associates Acquires More Than $2 Billion in Affordable Housing in 2023
Investments Increased Substantially Year Over Year from 2022
IRVINE, Calif., Jan. 24, 2024 (GLOBE NEWSWIRE) — WNC & Associates (WNC), a family-owned nationwide leader in affordable housing, today announced 2023’s results of acquiring more than $2 billion in affordable housing across the United States. The firm’s acquisitions will result in the development and preservation of more than 6,000 affordable rental units for approximately 12,600 seniors, families, and veterans. This year’s transactions, which increased by 54% year over year, reflect the escalating need for affordable housing nationwide.
Founded in 1971, WNC has acquired more than $18.2 billion in assets since inception, creating and preserving 1,825 affordable housing properties and more than 114,000 units nationwide. WNC’s portfolio spans 48 states, with the company’s largest presence located in California where it has invested in 325 properties across 46 of 58 counties in the state. Recognizing the unprecedented need for affordable housing in the Golden State, WNC launched a series of affordable housing institutional funds exclusive to California in 2001. Last year, WNC closed its 20th consecutive California fund, bringing total acquisitions in the state to $4.5 billion.
“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, in conjunction with its affiliates, provides tax credit syndication, community development services, and preservation equity fund investments. Companies within the WNC family include Community Preservation Partners (CPP), a WNC subsidiary and one of the nation’s most active affordable housing preservation developers, and Preservation Equity Fund Advisors (PEF Advisors), a WNC affiliate and real estate private equity group focused on preserving existing affordable housing in high-cost markets.
WNC’s deals represent a diversified range of transactions across the United States. A sampling of deals closed in 2023 includes the following:
- Freedom Village (Homewood, IL) – Acquired by PEF Advisors in January 2023, Freedom Village is a 198-unit affordable housing community designated for seniors aged 65+ and located in the Chicago metropolitan area, Cook County, Ill. Built in 1998 with low-income housing tax credits, the 3-story building includes 198-units at 60% Area Median Income (AMI) through 2060.
- Webster Court (Kent, Wash.) – Webster Court is a 92-unit apartment community in Kent, Wash., a suburb located 20 miles south of Seattle. In March 2023, PEF Advisors purchased the 4-story development and invested approximately $1.2M to address deferred maintenance, improve curb appeal, and elevate the quality of housing and competitiveness of the property. The property serves 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 entered the Santa Fe market with the acquisition 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) – Cambridge Square Apartments, an affordable housing community just 14 miles east of downtown Pittsburgh, consists of eight, two-story residential buildings comprising 204 affordable apartments ranging from one- to three-bedroom layouts. Acquired by CPP in November 2023, there are 198 units under the Housing Assistance Payment contract (all units 50% AMI) and six units that will be reserved for families at 60% or below AMI.
- The Safford (Marana, AZ) – WNC partnered with Dominium Development to provide the tax credit equity investment of $42,842,763 for the new construction of The Safford, a 200-unit planned development located in Marana, AZ, about 16 miles north of Downtown Tucson. Situated on 18.6 acres, the garden-style walk up community comprises two-, three-, and four-bedroom units all targeting families at 60% or less of AMI.
- Prichard Hotel (Huntington, WV) – WNC partnered with Winterwood Development to provide the tax credit equity investment $17,097,273 and historic tax credit equity of $7,684,767, for the acquisition and rehabilitation of Prichard Hotel, a 13-story historic hotel located in Huntington, WV. Located in the Downtown Huntington Historic District, it was originally built in 1925 and offered 300 guest rooms. The hotel closed in 1970 and was converted to an apartment building with offices and commercial space, which remained open until 2015. Situated on 1.1 acres, the community will be an adaptive-reuse of Prichard Hotel, offering 108 one-bedroom units targeting seniors (62+) earning 60% or less of AMI.
“As evidenced by our 2023 performance, WNC is an unparalleled leader and pioneer in affordable rental housing,” said Anand Kannan, President of WNC. “As an organization, we know that the need for affordable housing has never been greater. Housing prices and homelessness are on the rise. While more still needs to be done to address this issue nationwide, WNC’s team of affordable housing experts work every day to find solutions by identifying key economic drivers and making strategic investments that harness, support and strengthen affordable housing in the United States. We look forward to continuing this important work in 2024 and the many years to come.”
About WNC & Associates
Founded in 1971, WNC & Associates (WNC) is a family-owned business known as both a pioneer and leader in the affordable housing industry. WNC and its affiliated companies specialize in tax credit syndication, affordable housing development, and preservation equity fund investments. Combined, the WNC companies have acquired approximately $18.2 billion in assets across 48 states, including more than 1,800 affordable rental properties that house more than 1 million residents. With offices in 16 states, WNC has partnered with more than 400 developers and 125 institutional investors.
To learn more, visit: https://www.wncinc.com/.
CONTACT: Media Contact: IDEA HALL Aymee Valdes 323-681-2522 aymee@ideahall.com
