WNC JV Buys Affordable Oklahoma Portfolio
The owners will invest $11 million in the properties to preserve and upgrade them.
WNC & Associates Inc. and Belmont Development Co. have purchased three affordable housing properties in Pocola, Okla., and Arkoma, Okla.
The owners will invest $10.9 million in the preservation and renovation of the assets. The communities will receive upgrades through LIHTC financing, targeting family households with incomes up to 50 and 60 percent of the area median income.
The 36-unit GardenWalk of Pocola is at 207 Howard St. and consists of six two-story buildings. GardenWalk of PocArk – Pocola at 210 Rowe Ave. comprises 20 units across 10 single-story structures. The new owners are planning to construct an additional building after renovations, which will encompass two-bedroom units and a management office.
Located at 100 Elizabeth Circle, GardenWalk of PocArk – Arkoma consists of 23 residential units through two one-story and another pair of two-story buildings. The properties are within a 7-mile radius from one another and less than 9 miles away from the Fort Smith Regional Airport in Arkansas.
Renovations at the GardenWalk communities
Interior improvements will target every unit and will include new flooring, kitchen appliances, HVAC and security systems and bathroom ventilation. Common-area enhancements will include upgrades to the existing basketball courts and playground equipment, driveway and curb repairs, parking restoration and accessibility upgrades. Additionally, the properties will receive covered seating areas, barbecue grills and EV charging stations. Renovations are scheduled for completion this November.
More than 850,000 private LIHTC units are set to reach the end of their compliance and extended-use periods between 2025 and 2038, freeing owners from rent restrictions, according to a recent Yardi Matrix affordable housing report. In 2025 alone, around 29,000 units will conclude their compliance period, making up 2.2 percent of the total stock. Additionally, 15,000 units—or 1.1 percent of the inventory—will finish their extended-use period in the same year.
