State closes multi-family bond issues

The Department of Business and Industry Housing Division announced the closing of $33.4 million in bond issues for the financing of two multi-family rental projects in Nevada totaling 572 units.

The first is a $13.5 million issue for Silver Creek, a 224-unit family apartment complex to be built on 13 acres at the northwest corner of Boulder Highway and Emerald Avenue in the southeast area. It will comprise 32 one-bedroom units, 96 two-bedroom units and 96 three-bedroom units. Rents are targeted to be $567, $682 and $787 per month, respectively.

The second issue, $19.9 million, is for Villanova, a 348-unit family apartment complex to be located on 19 acres at the southwest corner of Ford and Parvin avenues in the southern valley. It will feature 56 one-bedroom units, 176-two bedroom units and 116 three-bedroom units. Rental rates are expected to be the same as at Silver Creek.

Fore Silver Creek Limited Partnership and Fore Villanova Limited Partnership are the developers.

"There is a uniqueness to these projects as they are the first to adopt the new energy/weatherization standards which will lead to terrific savings to the renters on their energy bills," Chas Horsey, division administrator, said. "Both of the projects have agreed that 10 percent of their units be dedicated to seniors only. More than half of these designated units will be located on ground floors away from playgrounds and swimming pools."

Both properties are expected to be completed by December 2002.

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