CELINA, Tenn., May 15, 2017 /PRNewswire/ -- WNC, a national investor in real estate and community development initiatives, announced today that the renovation of Southern Oaks Apartments, a 42-unit affordable housing community in Celina, Tennessee, has been completed. WNC provided approximately $3.1 million in low-income housing tax credit (LIHTC) equity to fund the rehabilitation project.
"With the demand for affordable housing continuing to grow across the nation and outpace the development of new stock, it's increasingly important to preserve and protect existing LIHTC communities," said WNC Executive Vice President and Chief Operating Officer Michael Gaber. "We are very pleased to announce the renovation of Southern Oaks Apartments, which provides quality, safe affordable homes to families in need."
Located at 1001 Gainesboro Highway, Southern Oaks Apartments is comprised of eight resident buildings and a clubhouse. Community amenities include a laundry facility, computer center, playground and picnic area.
Southern Oaks Apartments is available to families with incomes at 50 percent and 60 percent of the area's median household income level.
CMS Real Estate Development LLC served as the developer for the renovation 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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