MINNEAPOLIS, Aug. 11, 2015 (GLOBE NEWSWIRE) -- WNC, a national investor in real estate and community development initiatives, announced today the completion of Hi-Lake Triangle Apartments, a newly constructed 64-unit affordable senior housing community in Minneapolis. WNC provided approximately $3.2 million in low-income housing tax credit (LIHTC) equity to fund the new development.
"WNC is pleased to have participated in the development of Hi-Lake Triangle Apartments, delivering new, affordable senior housing to an area, and a nation, in desperate need," said WNC Executive Vice President and Chief Operating Officer Michael Gaber. "We are thrilled to help deliver this new community, providing many high quality amenities to its residents."
Hi-Lake Triangle Apartments is a six-story building comprised of 53 one-bedroom and 11 two-bedroom units. Located at 2230 E. Lake St., approximately 3 miles from downtown Minneapolis, the elevator-serviced community is part of a mixed-use development containing 5,385 square feet of ground floor retail space. Hi-Lake Triangle Apartments offers residents a rooftop terrace, outdoor picnic area, community room, recreational facility, common living room with a fireplace, laundry facilities, intercom access and onsite management. Each unit is equipped with central air conditioning. The building's parking area includes 41 spaces reserved for tenants of Hi-Lake Triangle Apartments.
Hi-Lake Triangle LLC served as the general partner of the project, while Stephen B. Wellington, Jr. served as the project developer. Wellington Management Inc. received the LIHTC financing to help fund the development, which took approximately 9.5 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. WNC has acquired more than $7 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.