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WNC Closes $75M California Fund

IRVINE, CA—Fund is made up of 978 units of family and senior housing properties.

By David Phillips | Updated on July 23, 2015

IRVINE, CA—WNC, a national investor in real estate and community development initiatives, has closed WNC Institutional Tax Credit Fund X California Series 13, LP (WNC Cal 13), a $75 million institutional low-income housing tax credit (LIHTC) fund. The fund, which includes seven investors, will acquire nine properties in California.

Comprised of family and senior housing properties, WNC Cal 13 includes 978 units of affordable housing in both suburban and urban parts of the state, including Casa de Seniors in San Clemente, a 72-unit senior housing rehabilitation project located one mile from the Pacific Ocean. Compared to previous funds in the WNC California series, WNC Cal 13 is the company’s second largest equity raise thus far. In addition, 80% of the properties had repeat developers, and six of the seven investors had previously participated in WNC funds.

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