LAS VEGAS, NV – Wood Partners, a national leader in multi-family real estate development, announced the groundbreaking of its newest luxury residential community – Alta Southern Highlands – in Las Vegas, Nevada. Construction is underway and the community is scheduled to open in fall of 2021.
Located 10 minutes south of the Las Vegas Strip, the new community will offer simple access to I-15 and a wide variety of employment opportunities, entertainment options and recreational activities. The area is home to more than 97,000 jobs, and the newly announced Amazon and Google hubs are in development. Other major employers in the area include Levi’s, Humana, Prologis, CenturyLink and Universal Health Services. Additionally, McCarran International Airport is less than a 15-minute drive away.
The new headquarters and practice facility for the recently relocated Las Vegas Raiders is just across Interstate 15, and the site is only a few miles from the team’s Allegiant Stadium, giving residents a new home team in their own backyard. Additionally, according to Golf Digest, the nearby Southern Highlands Golf Course is the #3 ranked golf course in the state of Nevada.
“Wood Partners is enthusiastic about the amenities, features and lifestyle the Alta Southern Highlands community will offer,” said Kevin Curley, Development Associate for Wood Partners. “The Southern Highlands community was voted 2018’s Best Master Plotted Community by Best of Las Vegas for the second year in a row, making it an ideal location for young professionals and families alike.”
Once complete, Alta Southern Highlands will include 228 units comprised of one-, two- and three-bedroom apartments. In-unit features will include premium kitchen finishes and technology packages.
The resort-style community will also offer highly amenitized living with an over-sized fitness center, an expansive pool area and a double-height clubhouse area, giving residents the ability to delight in life both inside and outside their apartment homes.

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IRVINE, CA – WNC, a leading provider of investment, asset management and development services in the affordable housing industry, announced it has closed WNC Institutional Tax Credit Fund 49 LP (WNC Fund 49). The fund raised $153 million in institutional low-income housing tax credit (LIHTC) equity that will be used to develop and renovate more than 1,600 affordable housing units in 13 states.
A total of nine investors participated in WNC Fund 49, which will develop and renovate units for families and seniors at 21 properties in Alaska, Arkansas, California, Louisiana, Massachusetts, Michigan, Maine, North Dakota, Nevada, Texas, Washington, Wisconsin and Wyoming.
“Affordable housing is a mission that stands tall in any economy, but we couldn’t be more pleased to close this fund despite the current pandemic concerns nationwide,” said WNC Senior Vice President of Investor Relations Christine Cormier. “The closing of WNC Fund 49 is strong evidence of both our investor and development partners’ confidence in, and commitment to, WNC.”
WNC Fund 49 also includes six new development partners for WNC. Among the projects within the fund is a 20-unit family housing development that will be located in Owyhee, Nevada, on the Duck Valley Shoshone-Paiute Indian Reservation. Additionally, a 56-unit housing development will be constructed in Grand Rapids, Minnesota, with four units set aside for those who were formerly homeless. A 105-unit family community will also be constructed in Coachella, California, with 10 units set aside for those who are developmentally disabled.
The completion of WNC Fund 49 brings WNC’s total equity raise since inception to more than $5.7 billion, which has helped develop and renovate more than 91,000 affordable housing units across the country. To-date, the firm has bought approximately $10.9 billion of assets in 47 states, Washington D.C. and the U.S. Virgin Islands.
According to the National Low Income Housing Coalition, the United States needs 7.2 million more units of affordable and available housing than it currently has for extremely low income families. The coalition also reports that research shows that the shortage of affordable housing costs the American economy approximately $2 trillion per year in lower wages and productivity.

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CHASKA, MN – Lancaster Pollard Mortgage Company, a division of ORIX Real Estate Capital (OREC), recently announced the closing of a $25 million refinance for Chaska Heights Senior Living, a 138-unit helped living (AL) and memory care (MC) community in Chaska, Minnesota.
Chaska Heights is managed by Tealwood Senior Living, a repeat client of Lancaster Pollard and longtime FHA borrower, which manages over 38 skilled nursing and AL communities in Minnesota and Wisconsin. Quintin Harris, who recently expanded his leadership role at Lancaster Pollard by taking helm of the Midwest team, led the transaction.
We were able to significantly improve the fiscal outlook of our valued client by refinancing construction debt that carried a variable interest rate with non-recourse agency debt that features a fixed rate below 3%, said Harris, a managing director with over 15 years of agency financing experience. The benefits of FHA financing are ample in situations like this and Chaska Heights is now well-positioned for continued growth and success.
The financing, which carries a 35-year term, also funds renovations and the replacement reserves account, both of which will support the long-term success of the facility.
Chaska Heights was originally developed in 2015 with a funding structure that included Tax Increment Financing (TIF) from the Chaska Economic Development Authority. The facility consists of two buildings, connected by a ground level breezeway and by upper level hallways, which feature 66 AL light units in one section and 58 AL units coupled with 14 MC units in another section. The AL light units are fully licensed and the tenants share common areas and dining rooms with the higher acuity residents.

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