WNC Funded Reno of San Diego-Area Affordable Asset

The firm provided $13.2 million in financing for the renovation of Woodglen Vista Apartments, a 188-unit affordable community in Santee, Calif., that Jamboree Housing Corp. developed.

The Woodglen Vista Apartments in Santee, Calif.
The Woodglen Vista Apartments in Santee, Calif.

WNC, a national investor in real estate and community development initiatives, has announced that the renovation of Woodglen Vista Apartments is complete. The property is a 188-unit affordable community in Santee, Calif., which Jamboree Housing Corp. developed. WNC provided approximately $13.2 million in LIHTC equity to fund the project.

Located at 10450 N. Magnolia Ave., Woodglen Vista is within a short drive of several dining and shopping options, and 18 miles east of the Pacific Ocean on State Route 52. Woodglen Vista Park, Cajon Park and local elementary and high schools are all within walking distance from the property. Built in 1980, the community features 44 one-, 96 two- and 48 three-bedroom units, ranging in size from 722 to 1,085 square feet. Community amenities include a clubhouse, computer center, social services, laundry facility, picnic area, swimming pool and 286 parking spaces.

Preserved affordability

In 2004, Woodglen Vista was at high risk of losing affordability and being converted to market-rate housing. According to Yardi Matrix data, Jamboree acquired it that year for $8.3 million and renovated the garden-style community in San Diego County to maintain long-term affordability. The community is now available to families with household incomes at 50 to 60 percent of the area’s median income.

“The San Diego multifamily market continues to tighten, while the demand for affordable housing in the sector is outpacing supply,” said WNC Executive Vice President & COO Michael Gaber, in a prepared statement.

This summer, Jamboree Housing Corp., West Sacramento Housing Development Corp. and the City of West Sacramento completed the $29.8 million West Gateway Place, a transit-oriented, workforce housing development.

Image courtesy of Yardi Matrix