WNC & Associates, Avesta Housing and master developer Reveler Development launched construction on 89 Elm Apartments, a 201-unit affordable housing community in downtown Portland, ME. This is the fourth community for WNC in Portland, following the recent completion of nearby Riverton Park.
Located at 89 Elm St. within walking distance of restaurants, grocery stores, health services and public transit, 89 Elm Apartments will provide income-restricted housing in one of Maine’s most in-demand rental markets. The community will target households earning up to 60% of the Area Median Income.
“With virtually no vacancies and extensive waiting lists at comparable properties, the need for affordable housing in Portland is clear,” said Anil Advani, EVP of originations and finance at WNC. “89 Elm represents a transformative opportunity to bring thoughtfully designed, energy-efficient homes to the heart of the city. We’re proud to partner with Avesta Housing and Reveler Development to make this vision a reality.”
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