MILWAUKEE, July 15, 2025 (GLOBE NEWSWIRE) — WNC & Associates (WNC), a family-owned business known as both a pioneer and leader in the affordable housing industry, and KG Development Group, a full-service real estate development firm that strengthens communities by providing intentional, sustainable, and supportive solutions that remove social determinants of health barriers to benefit people and their communities, have announced the acquisition and planned renovation of Phoenix Residential in Milwaukee’s Uptown neighborhood.
Phoenix Residential is located at 2436 N. 50th Street, on the historic site once known as the Milwaukee Jewish Home for the Aged. The four-story building, originally constructed in 1929 and renovated in 1949, is listed on both the State and National Registers of Historic Places. It will undergo a thoughtful rehabilitation to create a 21-unit affordable multifamily housing community, complemented by a 20-bed rehabilitation facility.
The 21 apartment units will be situated across the basement, second, and third floors, while the first floor will house 20 single-room occupancy (SRO) units designed to support individuals with chronic illnesses and physical disabilities.
Designed to support the local workforce, the multifamily component of the property will consist of 20 one-bedroom units and one two-bedroom unit. All residences will be income-restricted to households earning between 30% and 60% of the Area Median Income (AMI). Of these, eight units designated at the 30% AMI level will include project-based rental assistance (PBRA), allowing residents to pay rent based on 30% of their adjusted gross income.
“WNC is proud to partner with KG Development Group on the transformation of Phoenix Residential – a project that not only brings much-needed affordable housing to Milwaukee’s Uptown neighborhood, but also honors the historic legacy of this building,” said Anil Advani, Executive Vice President of Originations and Finance at WNC. “This development reflects our commitment to creating high-quality, supportive housing that meets the needs of today’s workforce and most vulnerable residents, while also preserving a piece of the community’s history.”
Each unit at Phoenix Residential will feature essential amenities that promote comfort and convenience. These features include an electric range and oven, refrigerator, dishwasher, microwave, garbage disposal, and central air conditioning. Units will also have washer/dryer hookups, carpeting, window blinds, and ceiling fans. An intercom and key fob system will provide secure building access.
Phoenix Residential will also offer a variety of community amenities intended to enhance residents’ comfort and well-being. These include on-site management, a resident laundry room, activity and lounge areas, and an elevator for easy access throughout the building. The property will feature controlled building access and security cameras to ensure a safe living environment. In addition, residents will have access to on-site services and a dedicated resource room to support their ongoing needs.
“Partnerships aren’t defined by a slice of the capital stack,” said Anthony Kazee, Principal at KG Development Group. “They’re defined by who stays at the table, especially when things get tough.”
This complex and impactful deal was made possible by a dynamic blend of financing sources, including Historic Tax Credits (HTC), Low-Income Housing Tax Credits (LIHTC), Bonds, ARPA funds, a Tax Levy, HOME funds, Housing Trust Funds (HTF), a cash flow loan, and Project-Based Vouchers (PBVs).
Renovations are expected to be completed in 2026.
About WNC & Associates
Founded in 1971, WNC & Associates (WNC) is a family-owned business known as both a pioneer and leader in the affordable housing industry. WNC and its affiliated companies specialize in tax credit syndication, affordable housing development, and preservation equity fund investments. Combined, the WNC companies have acquired approximately $18.2 billion in assets across 48 states, including more than 1,800 affordable rental properties that house more than 1 million residents. With offices in 16 states, WNC has partnered with more than 400 developers and 125 institutional investors. To learn more, visit: https://www.wncinc.com/.
MEDIA CONTACT
IDEA HALL
Andy Vernier
Andy@ideahall.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8719ff27-79da-4ccb-8c85-0bd91e4f3b95
