National real estate investor WNC recently announced the closing of the WNC Institutional Tax Credit Fund X California Series 12, LP (WNC Cal 12). The partnership raised $48.5 million from 11 investors.
WNC Cal 12 had identified nine properties consisting of seven family and two senior housing units in four Californian counties that it intends to acquire.
No stranger to capital raising and real estate investing, WNC, founded in 1971, has closed 28 California funds which have acquired 185 properties. Plus, this is their second Golden State fund to close in the past year, with total gross offering proceeds of $94.5 million.
“While other syndicators have come and gone in the California LIHTC market, we are very pleased to complete yet another successful offering with our development and investment partners,” said WNC President and Chief Executive Officer Will Cooper, Jr. “California has one of the largest gaps in income equality, as well as some of the nation’s most expensive housing. With the California Series 12 fund, WNC seeks to protect existing affordable housing projects through renovation and expand the stock of units available to the state’s working families and low-income seniors.”
Headquartered in Irvine, California, WNC has acquired over $6 billion in real estate assets, which consists of 1,200 plus properties in 45 states.