SAN DIEGO, Nov. 29, 2017 /PRNewswire/ — WNC, a national investor in real estate and community development initiatives, announced today that Eastgate Apartments, a 42-unit affordable housing community designed for veterans and families with household incomes between 50 percent and 60 percent of the area’s median household income level, is complete. WNC provided approximately $6.6 million in low-income housing tax credit (LIHTC) equity to help fund construction of the apartment complex in San Marcos, California, which is part of a mixed-use project that also includes 7,000 square feet of commercial space.
“Eastgate Apartments offers residents an affordable multifamily option in San Diego, a competitive market that continues to experience an increase in rents and a decrease in vacancies,” explained WNC Executive Vice President and Chief Operating Officer Michael Gaber. “The building, which was built to LEED standards with energy efficient features, will serve as a quality, affordable community for residents within the North County area. To help accommodate the affordable housing needs of the significant population of former military personnel in the Greater San Diego region, 11 units within this community are designated for veterans in need.”
The mixed-use multifamily development is located at the intersection of Grand Avenue and Creekside Drive. Eastgate’s 42 units consist of six studio apartments, five one-bedroom units, seventeen two-bedroom units, 13 three-bedroom units and a two-bedroom manager’s unit.
Community amenities at Eastgate Apartments include onsite management, laundry facilities, a community room, playground, computer center, elevators, picnic area with grills, social services, secure building access and bicycle parking/storage.
Affirmed Housing Group, Inc., a San Diego based affordable housing development firm, served as the developer and James Silverwood, President and CEO of Affirmed Housing Group, Inc. directed the project.
WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives, as well as a leading investor in low-income housing tax credits (LIHTC). WNC has acquired more than $7.7 billion of assets totaling in excess of 1,300 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.
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