WNC & Associates and Belmont Development Company Acquire Three Affordable Housing Communities in Le Flore County, Oklahoma

$10.9 Million Development to Preserve 80 Affordable Units

The office building located at the GardenWalk of PocArk – Arkoma property

ARKOMA, Okla. and POCOLA, Okla., March 11, 2025 (GLOBE NEWSWIRE) — WNC & Associates (WNC), a family-owned business known as both a pioneer and leader in the affordable housing industry, and Belmont Development Company (BDC), an Oklahoma-based developer with expertise in affordable housing through USDA-Rural Development and Low-Income Housing Tax Credits (LIHTC), have closed a deal to acquire three affordable housing properties, GardenWalk of Pocola, GardenWalk of PocArk – Pocola and GardenWalk of PocArk – Arkoma, in Arkoma and Pocola, Oklahoma.

GardenWalk of Pocola is located at 207 Howard Street in Pocola and is comprised of 36 units across six, two-story buildings. The property also includes a community building. GardenWalk of PocArk – Pocola, located at 210 Rowe Avenue in Pocola, offers 20 units across 10 one-story buildings. During renovations, the team will construct an additional building on property which will house a two-bedroom residential unit, as well as a property management office. The third property, GardenWalk of PocArk – Arkoma, has a total of 23 units across two, one story buildings and two two-story buildings. All three properties will be renovated with LIHTC financing, targeting family households with incomes up to 50% and 60% of Area Median Income (AMI).

“The availability of affordable housing in Le Flore County is limited,” said Anil Advani, Executive Vice President of Originations and Finance at WNC. “This project is a crucial step in preserving the community’s existing affordable housing while reinforcing WNC’s commitment to providing safe, secure, and high-quality housing for families across the United States.”

Aimed at creating a more modern, comfortable, and community-focused living environment, significant upgrades will be performed to residential units across the properties. Each unit will receive modern improvements, including stylish vinyl flooring, fresh paint, energy-efficient LED lighting, updated baseboards, new window blinds, and ceiling fans. Additionally, outdated popcorn ceilings will be removed to create a more contemporary look. Every unit will also be equipped with an ENERGY STAR® HVAC system, high-speed internet access, and a new security system.

Kitchens will be completely refreshed with brand-new appliances, including a refrigerator, electric range, microwave, and a sink with a garbage disposal. New cabinetry, along with durable plastic laminate countertops and backsplashes, will further elevate the space. Bathrooms will be upgraded with improved ventilation, sleek towel bars, toilet paper holders, shower rods, and mirrors for a more functional and modern aesthetic.

Exterior renovations will transform each property with the renovation of existing basketball courts and playground equipment, as well as the addition of covered seating areas with BBQ grills, and electric vehicle charging stations. New trash enclosures will also be installed to improve cleanliness and organization. Common areas will undergo extensive enhancements, including driveway and curb repairs, parking lot restriping, sidewalk restoration, accessibility upgrades, and updated signage.

Additionally, every residential building will benefit from essential structural and aesthetic improvements. These include new roofs, gutters, vinyl shutters, entry doors, and windows, as well as repairs or replacements for wood siding, facias, and brick. Exterior dryer vents and washer hookups will be replaced, outdoor lighting will be refurbished and select foundation work will be completed to ensure long-term stability and curb appeal.

“At BDC, we believe that affordable housing should serve as a foundation for stability, opportunity, and community,” said Shawn Smith, President at BDC. “Through this project, we are not only preserving critical housing in Le Flore County but also enhancing the quality of life for residents by creating modern, comfortable, and welcoming spaces they can truly call home.”

Property renovations are expected to be completed in November 2025.

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/.

About Belmont Development Company
Belmont Development Company (BDC) was formed in 2007 with the majority of its focus on developing affordable housing through USDA-Rural Development and Low-Income Housing Tax Credits (LIHTC). As Developer, BDC’s main responsibilities include securing LIHTC and other government-administered funding from various agencies, securing financing from lenders and investors, and overseeing the development during the construction phase. BDC has developed over 50 communities with over 3,500 units. BDC is an affiliate member of the National Council of State Housing Agencies and founding member and continuing supporter of the Oklahoma Coalition of Affordable Housing. To learn more, visit: https://www.belmontmgt.com/.

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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2e06e21b-0a1a-4b08-9290-56a07aa4eb4c