Real Estate · Southwest Las Vegas
Ovation Development opens nearly $60 million Heirloom at Torrey Pines affordable senior apartments in the southwest valley
Ovation Development cut the ribbon on Heirloom at Torrey Pines, a 190-unit complex for low-income residents 55 and older that is almost 90 percent leased, as Nevada faces a large affordable rental shortage.
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What happened
Ovation Development, one of the largest apartment developers in Las Vegas, held a ribbon-cutting ceremony on Monday for Heirloom at Torrey Pines, a new complex for low-income seniors, the Las Vegas Review-Journal reported. The property has 190 units and is open to residents 55 and older.
The complex is located at 6540 W. Arby Ave. in the southwest valley. According to a company news release cited by the Review-Journal, it was almost 90 percent leased only months after opening, which the release said shows the need among seniors for affordable housing.
How the project was paid for
County and state funding
The release described the project as costing nearly $60 million. It said the financing came in part from Clark County's Community Housing Fund and from the state of Nevada's Home Means Nevada initiative.
Why subsidies are part of the model
As the Review-Journal explained, affordable-housing developers usually rely on government subsidies to help cover development costs. That support allows them to rent units at lower prices that would not otherwise pay for building and operating the property.
What the complex includes
Indoor spaces at Heirloom at Torrey Pines include a fitness center, an arts and crafts room, a business lounge, a salon, a wellness room and a food pantry, according to the Review-Journal. Outside, the property has landscaped courtyards, a pool and spa, and a fenced dog run.
The wider housing picture
A statewide shortage
Nevada, where most residents live in the Las Vegas Valley, has long needed a larger supply of affordably priced housing, the Review-Journal noted. The National Low Income Housing Coalition counts a statewide shortage of more than 78,000 affordable and available rental homes for extremely low-income tenants.
Other new complexes filling quickly
Heirloom is not the only recent affordable project in Las Vegas to lease up fast. The month before, the Southern Nevada Regional Housing Authority and The Michaels Organization, a New Jersey real estate firm, held a ribbon-cutting for Gholson Landing, a 121-unit complex in east Las Vegas. The Review-Journal reported it was almost 80 percent leased just months after completion.
Readers following local rental supply can find more coverage in our real estate section and in our reporting on new development across the valley.
About the developer
Ovation is based in Las Vegas and was founded by developer Alan Molasky, according to the Review-Journal. The company has built nearly 10,000 housing units, and its portfolio includes both luxury rental projects and affordable apartment buildings for low-income seniors.
Earlier in the year, Ovation held a grand-opening event for a three-story, 50-unit complex in the eastern Las Vegas Valley, the Review-Journal reported. That building was designed to house people who are homeless or at risk of becoming homeless.
What to watch next
- Leasing at Heirloom at Torrey Pines, which the developer's release put at almost 90 percent after its first months.
- Leasing at Gholson Landing in east Las Vegas, which the Review-Journal reported was almost 80 percent leased months after completion.
- Nevada's shortage of more than 78,000 affordable and available rental homes for extremely low-income tenants, as counted by the National Low Income Housing Coalition.
