- Strong Historical Occupancy
- Existing Section 42 LIHTC Apartment Community
- Well Built in 2000
- Gated Community with Controlled Access
- Current Rents are Below Max Net Rents Allowable
- Located in Attractive Neighborhood Close to Schools,
Cheyenne Sports Complex, and Retail
- Public Transportation Nearby
- Minutes to I-15, Community College of Southern
Nevada, and Las Vegas Motor Speedway
3580 East Alexander Road
Las Vegas, NV 89115
Casa Sorrento Apartments is a 236-unit affordable housing community located in the North Valley of Las Vegas, NV. The property was built and placed into service in 2000 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. It is conveniently located to major transportation arteries and has easy access to I-15 and Las Vegas Boulevard. The property is within walking distance to two elementary schools and is within minutes to retail, local employment, and other area amenities. Physical occupancy has held steady over 90% throughout 2012 while NOI continues to improve dramatically over 2011.
There is an existing regulatory agreement in place which requires all units to be rented to income qualifying residents earning no more than 60% of Area Medium Income (AMI) limits, which are provided by the Nevada Housing Division. The property is still within its initial tax credit compliance period which ends on December 31, 2014. Please see the Tax Credit Property Income and Rent Limits page in the Financial Analysis section for further details. A qualified purchaser can be a non-profit or for-profit entity that agrees to maintain the affordable housing units and to fulfill all requirements of an existing regulatory agreement.
The quality of construction is what sets Casa Sorrento apart from other LIHTC properties in the Las Vegas MSA. The owner/developer took a “built to last” approach and opted for many features and amenities that are found more commonly in surrounding market-rate properties. The buildings have neutral, multi-tone stucco exteriors with superior architectural finishes and concrete tile roofs creating long-term curb appeal. Palm trees, various plants, trees, and shrubs further accentuate the asset’s well-planned design. To further distance itself from local comparable LIHTC properties, Casa Sorrento provides a large swimming pool / spa area to compliment a fully amenitized clubhouse equipped with fitness and business centers. The interior of the units include complete amenity packages with full size washers and dryers. In all, the aforementioned qualities of Casa Sorrento provide a strong foundation for lasting intrinsic value.