WNC, a national investor in real estate and community development initiatives, announced today the completion of Hi-Lake Triangle Apartments, a newly constructed 64-unit affordable senior housing community in Minneapolis. WNC provided approximately $3.2 million in low-income housing tax credit (LIHTC) equity to fund the new development.
“WNC is pleased to have participated in the development of Hi-Lake Triangle Apartments, delivering new, affordable senior housing to an area, and a nation, in desperate need,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. “We are thrilled to help deliver this new community, providing many high quality amenities to its residents.”
Hi-Lake Triangle Apartments is a six-story building comprised of 53 one-bedroom and 11 two-bedroom units. Located at 2230 E. Lake St., approximately 3 miles from downtown Minneapolis, the elevator-serviced community is part of a mixed-use development containing 5,385 square feet of ground floor retail space. Hi-Lake Triangle Apartments offers residents a rooftop terrace, outdoor picnic area, community room, recreational facility, common living room with a fireplace, laundry facilities, intercom access and onsite management. Each unit is equipped with central air conditioning. The building’s parking area includes 41 spaces reserved for tenants of Hi-Lake Triangle Apartments.
Hi-Lake Triangle LLC served as the general partner of the project, while Stephen B. Wellington, Jr. served as the project developer. Wellington Management Inc. received the LIHTC financing to help fund the development, which took approximately 9.5 months to complete.
– See more at: http://globenewswire.com/news-release/2015/08/11/759812/10145658/en/New-64-Unit-Affordable-Senior-Housing-Community-Complete-in-Minneapolis.html#sthash.jAvdB7W5.dpuf