AVENAL, Calif., Dec. 16, 2016 (GLOBE NEWSWIRE) -- WNC, a national investor in real estate and community development initiatives, announced today the completion of Arroyo del Camino, a 41-unit affordable housing community in Avenal, the largest city in Central California’s King County. WNC provided approximately $4.2 million in low-income housing tax credit (LIHTC) equity to fund the new development.
“Arroyo del Camino has been constructed with an energy efficient design and features a variety of amenities for its residents,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. “WNC is committed in our mission to increase the deficient supply of low-income housing throughout the nation, and we are pleased to help deliver this new, first-rate affordable housing to the King County community.”
Located at 801 S. Corcoran Ave., Arroyo del Camino includes six two-story buildings comprised of two-, three- and four-bedroom units. The property features a centralized laundry facility, community room with kitchen, computer room, playground, barbecue/picnic area and onsite management. Unit amenities include air conditioning/heating, a refrigerator and stove, washer/dryer hook-ups, a private patio or balcony and extra storage.
Arroyo del Camino was co-developed by Kaweah Management Company, which will continue to serve as property manager, and Pacific West Communities, which also served as the project’s general contractor. Construction of the community took approximately eight months to complete.
About WNC
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.