National real estate investor, WNC is opening the doors of a newly renovated affordable housing community in Baton Rouge, Louisiana. Located at 650 N. Ardenwood Drive, the 208-unit community was previously known as Ardenwood Park apartments and is now called Renaissance Gateway.
Having a total development cost of $28.1 million, WNC co-rehabilitated the property with Renaissance Gateway Associates LLC, an entity of Community Development Inc., and 4321 Associates LLC.
WNC furnished $10.3 million in low-income housing tax credit (LIHTC) equity to help fund the project.
The community is made up of 16, two-story garden style buildings with a mix of one-, two-, three-, and four-bedroom floor plans and includes amenities such as a swimming pool, a fitness center, a laundry facility, and a playground. It is available to families who earn between 20% and 60% of the area’s median income.
“We are pleased to have played a key role in the transformation of Renaissance Gateway and in providing quality affordable housing to the members of the Baton Rouge community that are most in need,” commented WNC Executive Vice President and Chief Operating Officer Michael Gaber. “With the growing demand for affordable housing greatly outpacing the supply throughout the country, WNC and its development partners are committed to the preservation of existing affordable housing through the renovation of apartments such as this,” he added.
WNC specializes in affordable housing. It has acquired over $6 billion in real estate assets, which consists of 1,200 plus properties in 45 states, since its founding in 1971.