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Mia Chikamori
mchikamori@wncinc.com
(714) 662-5565, x122

For Immediate Release

WNC Expands Portfolio into Hawaii

IRVINE, CA – WNC has said “Aloha!” to the island state of Hawaii with the acquisition of two properties, one on the island of Oahu (Mililani Town) and the other on Lanai (Lanai City). Both complexes will provide 48 units for family housing. WNC will partner with developer Castle & Cooke, which was founded in 1851.

In recent years residents of Hawaii have seen housing costs skyrocket, but their wages have not kept pace. As a result initiatives in 2005, 2006 and 2007 were implemented which develop and preserve affordable housing as well as facilitate how fast projects can be built.

“Hawaii’s cost of living has always been high compared to the mainland,” remarked WNC President Will Cooper, Jr. “These projects will provide sorely needed relief for nearly 100 families. I am confident that WNC’s 37 years of experience combined with that of Castle & Cooke, one of the nation’s oldest developers, will deliver a successful project.”

The Courts and the The Courtyards at Mililani Mauka will become part of WNC’s Hawaii fund, WNC Hawaii Tax Credits XXXVI. This fund is also WNC’s first Hawaii state fund. The acquisition of The Courts and The Courtyards expands WNC’s current portfolio to include over 50,000 units.

Founded in 1971, WNC & Associates is a leading affordable housing investor with over $3.8 billion in real estate assets, including more than 1,000 properties in 43 states. WNC’s investor base exceeds 19,000 institutional and retail clients, including Fortune 500 companies, multinational banks, and many of the nation’s leading insurance companies. The company is led by a management team that averages 19 years with the company and 25 years in the real estate industry. WNC is based in Irvine and has eleven offices nationwide.