TUPELO, Miss., June 17, 2015 (GLOBE NEWSWIRE) -- WNC, a national investor in real estate and community development initiatives, announced today the completion of renovations to Regal Ridge Apartments, which offers 24 units of affordable housing, and Wisteria Apartments, offering 30 units of affordable housing, in the Tupelo suburb of Plantersville, Miss. WNC provided approximately $3.3 million in low-income housing tax credit (LIHTC) equity to fund the renovation projects.
"We are excited to help provide a much needed upgrade to the affordable housing offered to local families of Plantersville," said WNC Executive Vice President and Chief Operating Officer Michael Gaber. "The rehabilitation of Regal Ridge Apartments and Wisteria Apartments will help to sustain and elevate the local rental housing supply."
Regal Ridge Apartments is located at 200 Cedar St. and is comprised of 24 residential units divided between six buildings. Each of the two-bedroom units is equipped with a range, refrigerator, central air conditioning, ceiling fans, window blinds and ample storage space. Community amenities include onsite property management, laundry facilities, a computer center, gazebo and playground.
Located at 140 Woodsgreen St., Wisteria Apartments is a 30-unit affordable housing community for low-income families. The property consists of 10 one-bedroom units and 20 two-bedroom units divided amongst five one- and two-story residential buildings. Unit amenities include an electric range, refrigerator, storage, central air conditioning, ceiling fan and window blinds.
Regal Ridge Apartments and Wisteria Apartments were re-developed by CMS MS Communities, LLC which served as the managing general partner of the project, while Barron Lane, LLC served as a co-developer. Herbert J. Peterson from CMS Real Estate Development and Chase Dudley from Barron Lane were the project developers. CMS Real Estate Development received the LIHTC financing to help fund the renovations.
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.