New Affordable Housing Community Opens Near Seattle

SEATTLE, Dec. 4, 2014 (GLOBE NEWSWIRE) -- WNC, a national investor in real estate and community development initiatives, announced today the completion of The Villas at Lakewood, a 240-unit affordable housing community in the Seattle-suburb of Marysville. WNC provided $9.5 million in low-income housing tax credit (LIHTC) equity to fund the project.

Located at 2606 168th Place N.E., The Villas at Lakewood is available to families earning between 50 and 60 percent of the area's median income level. The property consists of 17 two- and three-story buildings containing a mix of one-, two- and three-bedroom units. Community amenities include a clubhouse, swimming pool and spa, two playground areas, internet café, car wash area, fitness center, basketball court, storage lockers, picnic areas and an outdoor fitness area. The community also includes walking trails and garden areas. In addition to bicycle racks, The Villas at Lakewood features surface parking, carports and detached garages.

"The Villas at Lakewood provides residents with a number of unit options and community amenities, and WNC is thrilled to help deliver vitally needed quality affordable housing to Marysville," said WNC Executive Vice President and Chief Operating Officer Michael Gaber. "The property is in an excellent location, adjacent to a shopping center with major retailers, and is within one-mile of Lakewood Elementary School."

The Villas at Lakewood was co-developed by an entity of Canddle Development Inc. and American Opportunity Foundation Inc.

About WNC

WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives. WNC has acquired more than $6.5 billion of assets totaling in excess of 1,225 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.

CONTACT: Julie Leber Spotlight Marketing Communications 949.427.5172, ext. 703 julie@spotlightmarcom.comSource:WNC & Associates