Ovation Development held a ribbon-cutting ceremony Monday for Heirloom at Torrey Pines, a 190-unit affordable housing complex for residents 55 and older at 6540 W. Arby Ave. The nearly $60 million project was financed in part by Clark County's Community Housing Fund and the state of Nevada's Home Means Nevada initiative.
The property is nearly 90 percent leased just months after opening, underscoring the high demand for affordable senior housing. Amenities include a fitness center, arts and crafts room, business lounge, salon, wellness room, food pantry, landscaped courtyards, pool and spa, and a fenced dog run.
Nevada faces a shortage of more than 78,000 affordable and available rental homes for extremely low-income tenants, according to the National Low Income Housing Coalition. Affordable-housing developers typically rely on government subsidies to finance projects and offer lower rents.
Ovation, founded by developer Alan Molasky, has built nearly 10,000 housing units across luxury and affordable portfolios. Last month, the Southern Nevada Regional Housing Authority and The Michaels Organization opened Gholson Landing, a 121-unit complex in east Las Vegas that was almost 80 percent leased shortly after completion.
Early this year, Ovation also opened a 50-unit complex in the eastern Las Vegas Valley designed to house people who are homeless or at risk of homelessness.
Sources: Las Vegas Review-Journal
Original reporting: Las Vegas Review-Journal →
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