Ovation Development will break ground on senior apartments

As reported in the Las Vegas Review-Journal
May 3, 2012

Ovation Development is scheduled to break ground today on the Lone Mountain Senior Apartments, a 75-unit mixed-income senior rental development at 4652 N. Rainbow Blvd.

More than 80 percent of financing for the $10.7 million project comes from the Federal Low Income Housing Tax Credits, administered by the Nevada Department of Business and Industry Housing Division.

Additional financing comes from Wells Fargo Bank, the U.S. Department of Housing and Urban Development and the city of Las Vegas Department of Economic and Urban Development.

The three-story complex will include 45 one-bedroom units and 30 two-bedroom units. It will have a swimming pool and spa, exercise room, game area and common kitchen for social gatherings and meetings. Sixty-five units will be limited to seniors at or below 40 percent of the area median income.

The project will create about 200 construction jobs over the next year, and three permanent jobs upon completion.

The apartments are being co-developed by Ovation, an affiliate of The Molasky Group of Cos. in Las Vegas, and Silver Sage Manor, a Nevada nonprofit group. Ovation and Silver Sage Manor also partnered on the 142-unit Acapella senior community opening this month at 5025 E. Mohave Ave.

Contact reporter Hubble Smith at hsmith@reviewjournal.com or 702-383-0491.

 

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