Lincoln Avenue Communities has broken ground on Pinyon Apartments, a 252-unit fully affordable multifamily community in Reno, Nev. The project’s completion is expected in 2025.
Financing sources for the development include:
- Tax exempt bonds amounting to $55 million, as reported by Kolo 8
- 4 percent LIHTC from the Nevada Housing Division, purchased by the National Equity Fund
- State tax credits from the Nevada Housing Division, syndicated by Stonehenge, totaling $3 million according to the same source
- Construction and permanent loans from Citibank
- HOME funds from the Washoe County Home Consortium
- Gap loan from the Home Means Nevada Initiative, serviced by the Nevada Housing Division, amounting to $13.6 million, as reported by the same source.
Designed by Kephart, Pinyon Apartments will rise five stories and comprise one-, two- and three-bedroom floorplans. Of the total, 244 homes will be reserved for individuals earning up to 60 percent of the area median income, with the remaining 8 set aside for those earning no more than 50 percent. Amenities will include a fitness center, yoga room, grilling area and playground.
Filling the affordable housing gap
Located at 1120 E. Moana Lane, the site is directly adjacent to the Reno-Tahoe International Airport. It is also off Interstate 580, which connects with Interstate 80, and some 6 miles from downtown Reno.
Lincoln Avenue Communities, a subsidiary of Lincoln Avenue Capital, operates a portfolio of 120 properties totaling more than 22,000 units across 26 states. Most recently, the company broke ground on Leon Creek Flats, a 308-unit affordable housing community in San Antonio, Texas.
