Silver Pines

6650 East Russell Road, Las Vegas, NV 89122
Status: Closed
Year Built: 2003
For more information please contact:
john@lihtcadvisors.com
# of Units: 200
# of Buildings: 11
# of Stories: 3
Rentable SF: 205,392
Lot Size: 8.28 Acres
Density: 24.15 Units/Acre

Highlights:

  • Well Maintained LIHTC Property Placed in Service in 2002 (est.)
  • Asking Rents are Below Max Net Tax Credit Rents
  • Per CoStar, the 12 Month Rental Growth Rate was 5.8% in Las Vegas (April 2018)
  • rise in Las Vegas Rental Demand Due to a 2.3% Annual Increase in Employment as of January 2018

Description:

Silver Pines is a 200-unit affordable housing community in Las Vegas on the Henderson city line, conveniently located with easy access to Highway 515. Henderson is the second-most-populated city in Nevada and one of the fastest growing cities in the metro. Additionally, demographic trends have outpaced the U.S. average with a projected metro population growth of 2.3% in January 2018.

Silver Pines was built and placed in service in 2002 (est.) under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place with Nevada Housing Division, which requires all units to be rented to income qualifying tenants earning no more than 50% and 60% of the Area Median Income. The property is beyond its initial 15-year tax credit compliance
period.

The property is comprised of one, two, and three bedroom apartment homes. Residents benefit from common area amenities including a leasing office, clubhouse, swimming pool, BBQ areas, computer room, covered parking, fitness center, controlled access, and located on the city bus line. Unit amenities include a full appliance package with microwave, dishwasher, and disposal, washer & dryer connections, walk-in closets, ceiling fans, patio/balcony, and extra storage.

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