CAMBRIDGE, Minn., Oct. 21, 2014 (GLOBE NEWSWIRE) -- WNC, a national investor in real estate and community development initiatives, announced today the completion of Heritage Townhomes, a 24-unit affordable housing community in Cambridge, Minn. WNC provided $2.9 million in low-income housing tax credit (LIHTC) equity to fund the project.
Located at 1503 South Fern St., Heritage Townhomes consists of a mix of one-, two- and three-bedroom units split amongst six buildings. The apartments are designed as single-story garden style or two-story townhouse units, each including an attached garage and driveway. The property includes a community gazebo and children's playground.
"We couldn't be more pleased to deliver an additional affordable housing option to the families of Cambridge," said WNC Executive Vice President and Chief Operating Officer Michael Gaber. "Heritage Townhomes is well-located in the Cambridge community, situated less than one mile from three schools that provide families with education from kindergarten through 12th grade. The property is also within a short walk to a recreational park and a variety of trails at the nearby Wood Duck Preserve."
Heritage Townhomes was developed by MetroPlains LLC. Robert McCready served as the project developer.
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 $6.5 billion of assets totaling in excess of 1,225 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.