ANAHEIM, CA - WNC, a national investor in real estate and community development initiatives, announced that, in partnership with its subsidiary, Community Preservation Partners (CPP), and non-profit Jamboree Housing Corporation, the company has completed the $6.56 million (or $36,635 per unit) renovation of Miracle Terrace Apartments in Anaheim, Calif. WNC provided approximately $17 million in low-income housing tax credit (LIHTC) equity to help fund the acquisition of and renovations to the 179-unit community.
"Rehabilitating Miracle Terrace Apartments is crucial in a market like Orange County, where demand for multifamily product consistently outpaces the development of new stock and where affordable properties are increasing being renovated for higher income renters," said WNC Chief Operating Officer Michael Gaber. "We are very pleased to be able to team up with our subsidiary Community Preservation Partners in this project and provide seniors ages 62 and older with upgraded living units, amenities, safety and more."
Located at 225 S. Western Ave., the community is comprised of 71 studio units, 107 one-bedroom units, and a single two-bedroom unit for the onsite manager. Amenities include, a community room, picnic area, laundry facilities, security gating, onsite management and elevators. Miracle Terrace Apartments is open to seniors ages 62 and older with household incomes between 35 percent and 60 percent of the area's median income level.
"CPP is excited to deliver this completely renovated community to the Orange County area in partnership with Jamboree Housing Corporation, less than one year after we closed the acquisition," said CPP President Anand Kannan. "More than 200 low-income senior citizens living at Miracle Terrace were at risk of losing their homes if the HUD subsidies expired; however, the renovation and subsequent negotiations with the Anaheim Housing Authority has protected their home, whilst providing a better place to live."
CPP is an affordable housing rehabilitation company that owns more than 5,000 units across the United States. Its mission is to enrich lives and strengthen neighborhoods by recapitalizing, rehabilitating and preserving aging affordable housing communities. CPP provides simple, practical solutions to complex challenges facing housing authorities, nonprofits and investors.