BATON ROUGE, La., Aug. 14, 2014 (GLOBE NEWSWIRE) -- WNC, a national investor in real estate and community development initiatives, announced today the full renovation of Renaissance Gateway, a 208-unit affordable housing community previously known as Ardenwood Park Apartments, in Baton Rouge, La., is complete. WNC provided $10.3 million in low-income housing tax credit (LIHTC) equity to fund the project.
Located at 650 N. Ardenwood Drive, Renaissance Gateway is comprised of 16 two-story garden style buildings that include one-, two-, three- and four-bedroom floor plans. The property is available to families earning between 20 percent and 60 percent of the area's median income. Property amenities include a fitness center, computer center, swimming pool, community room/clubhouse, central laundry facility, playground, picnic area and on-site management.
With a total development cost of $28.1 million, the property was co-rehabilitated by Renaissance Gateway Associates LLC, an entity of Community Development Inc., and 4321 Associates LLC.
"We are pleased to have played a key role in the transformation of Renaissance Gateway and in providing quality affordable housing to the members of the Baton Rouge community that are most in need," said WNC Executive Vice President and Chief Operating Officer Michael Gaber. "With the growing demand for affordable housing greatly outpacing the supply throughout the country, WNC and its development partners are committed to the preservation of existing affordable housing through the renovation of apartments such as this."
In addition to the funding provided by WNC, the renovation project received financing from America First Credit Union, the City of Baton Rouge, State of Louisiana and East Baton Rouge Redevelopment Authority.
About WNC
WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives. WNC has acquired more than $6.3 billion of assets totaling in excess of 1,200 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.