Lahontan Springs Apartments

350 Willow Way, Fernley, NV 89408
Status: Available
Year Built: 2005
Price: $2,950,000
For more information please contact:
jeff@lihtcadvisors.com
Price Per Unit: $61,458
Price Per SF: $60.96
# of Units: 48
# of Buildings: 9
# of Stories: 2
Rentable SF: 48,392
Lot Size: 3.44 Acres
Density: 13.95 Units/Acre

Highlights:

  • Strong Historical Occupancy with a Trailing-12 Vacancy Rate of Below 4%
  • VLIL is Projected to Increase from $35,050 in 2019 to $37,500 in 2020, Creating Significant Rental Upside
  • Located 34 miles from Reno and Only 19 Miles from the Tesla Gigafactory
  • Strong AMI & FMR Growth in the County with a 10.9% & 11% Increases Respectively Since 2016

Description:

Lahontan Springs Apartments is a 48-unit affordable housing community located in Fernley, NV. The property is located close to Interstate 80, schools, libraries, and shopping venues such as Walmart, Lowe’s, and Walgreens.

Lahontan Springs was built and placed into service in 2005 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which requires units to be rented to income qualifying residents earning no more than 35% HOME, 45% HOME, 50% HOME, 50%, and 55% 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.

Lahontan Springs Apartment community offers two, three, and four bedroom apartment homes featuring washer/dryer connections, full appliance package, and patio/balcony. Community amenities include an on-site leasing office and maintenance, picnic area with bbq, playground, basketball court, fitness center, on-site laundry facilities, and carports.

Fernley is a city in Lyon County, Nevada, east of the Reno–Sparks metropolitan area with a population of 19,863. Fernley is home to the Reno-Fernley Raceway.

The city offers a rural lifestyle with big city amenities within a 30 minute drive from Reno, NV. Set in the Eastern foothills of the Virginia Mountain Range, Fernley has spectacular mountain views. Hiking, camping, and water recreational areas are within a short drive from Fernley and the ski resorts of the Lake Tahoe area are only 90 minutes away.

Fernley is in the middle of one of the fastest growing areas in the United States. The factors that drive this growth are lifestyle, career opportunities, a state government that is business friendly, education at all levels, a tax structure that is friendly to residents and businesses, and a great climate.

Many Fortune 500 companies have located their distribution centers in the Nevada Industrial Park including Trex, Johns Manville, MSC Industrial Direct, UPS Worldwide Logistics, Quebecor World Nevada, Sherwin-Williams and several other companies with national prominence.

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