Heirloom at Torrey Pines Opens 190 Affordable Apartments for Older Las Vegas Residents — Nearly 90 Percent Leased
Ovation Development's nearly $60 million complex at 6540 W. Arby Ave. is open to residents 55 and older earning no more than 60 percent of the area median income, and about 25 of its 190 homes were still available late in the week.
A new affordable apartment complex for older adults has opened in southwest Las Vegas. Ovation Development marked the opening of Heirloom at Torrey Pines with a ribbon-cutting ceremony on Monday, October 26. The complex at 6540 W. Arby Ave., near Torrey Pines Drive and Warm Springs Road, is for residents 55 and older, and it was almost 90 percent leased within months of opening, according to the developer. About 25 units were still available as of Thursday, KTNV reported.
The nearly $60 million development has 130 one-bedroom apartments and 60 two-bedroom units. For households earning no more than 60 percent of the area median income, monthly rent is $1,187 for a one-bedroom and $1,425 for a two-bedroom, a developer representative said. Clark County put $15 million toward the project through its Community Housing Fund, KTNV reported, and Nevada's Home Means Nevada initiative also helped finance it.
The opening lands against a deep shortfall. The National Low Income Housing Coalition estimates Nevada is short more than 78,000 affordable and available rental homes for extremely low-income households. Ovation, founded by developer Alan Molasky, says it has built nearly 10,000 housing units across the valley — and its senior portfolio keeps growing precisely because, as the Torrey Pines lease-up shows, demand from older residents on fixed incomes is nowhere near met.
