State closes bond issue for apartments

The Nevada Department of Business and Industry Housing Division announced the closing of an $8.92 million bond issue for the financing of the rehabilitation of Wood Creek Apartments at 4588 Pennwood Ave. in Las Vegas.

The rehabilitation at the 232-unit complex will include upgrading energy and weatherization standards, new heating/air-conditioning units, new cabinets, and interior and exterior painting.

The project will comprise 24 one-bedroom units with an average monthly rental rate of $479; 112 two-bedroom units with monthly rents of $575 to $670; 64 three-bedroom units with monthly rents of $662; and 32 four-bedroom units with monthly rents of $737.

The complex is for families whose income is 50 percent to 60 percent of the area median income.

Resident amenities include a swimming pool, spa, clubhouse and 221 covered parking spaces.

The rehabilitation is expected to start immediately.

The sponsor of the project is Pennwood Partners.

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