LONG BEACH, Calif., Sept. 2, 2014 (GLOBE NEWSWIRE) -- WNC, a national investor in real estate and community development initiatives, announced today the completion of Ramona Park Senior Apartments, a 61-unit affordable senior housing community in Long Beach, Calif. WNC provided $6.9 million in low-income housing tax credit (LIHTC) equity to fund the project, which demolished a vacant former bank in order to develop the affordable housing.
Located at 3290 E. Artesia Blvd., the three-story building includes 49 one-bedroom units and 11 two-bedroom units offered to seniors aged 55 and above with household incomes of up to 60 percent of the area median income. The ground floor of the structure serves as a parking garage.
The property was developed by DL Horn & Associates LLC, in association with WCH Affordable IV LLC and PC Long Beach Developers LLC.
"The creative reuse of this space was a collaborative effort involving input from neighborhood community members and the City of Long Beach Planning Department," said WNC Executive Vice President and Chief Operating Officer Michael Gaber. "Ramona Park enhances the local area, and provides seniors with numerous recreational and unit amenities within a comfortable place to call home."
Property amenities of Ramona Park include: a community room, passive seating and reading areas, swimming pool, oversized outdoor fireplace, business center, kitchen, library, gym, dining area, tenant storage, common laundry facility, social services, public restrooms and on-site management. Each unit is equipped with an electric range and oven, window blinds, refrigerator, central heat/air conditioning, garbage disposal, dishwasher and patio or balcony.
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.
Julie Leber Spotlight Marketing Communications 949.427.5172, ext. 703