Senior housing community opens in Henderson
The 226-unit College Villas senior housing community formally opened Wednesday in Henderson, bringing affordable housing to qualified residents 62 years and older who earn less than $27,700 a year.
The community at 511 College Drive, near Horizon Drive and Boulder Highway, is one of the few affordable housing projects to be built in the Las Vegas Valley during recent years. .
It took developer Joe DeSimone, of First Federal Realty DeSimone, two years to line up $25 million in financing from seven different sources, including a significant investment from PNC Bank. The project is insured by the U.S. Department of Housing and Urban Development, and open to low-income tenants.
Longtime Nevada legislator Mike Schneider owned the land and remains a limited partner in the development.
One-bedroom apartments with 650-square-foot floor plans are renting for $550 a month. Only 12 units are two bedrooms, renting for $650 to $750 a month.
DeSimone said a market study showed there was significant demand for one-bedroom units. Most senior apartments have a waiting list for them, he said.
"The low-income housing community is not building enough units to meet demand," DeSimone said during a tour of the property and model apartments. "If we didn’t build this in an efficient manner, it would put more constraint on the community."
DeSimone said eight people have already moved into College Villas and 25 people have submitted applications. More than 100 prospective residents have expressed interest in the apartments.
Barry Smith, 64, who lives a couple blocks away, stopped by to check out the units. He said he liked the architectural design and color scheme of the building exterior.
Some of the apartments are specifically designed for handicapped residents with plenty of room for wheelchairs, a lower peephole on the door, lowered countertops, roll-in showers and safety bars installed in the bathroom.
DeSimone said he’s developed about 70 office buildings in Las Vegas Valley over the past 22 years, but this was his first multi-family development.
That’s why he partnered with Retirement Housing Foundation, which has developed and managed more than 165 communities since 1961.
Contact reporter Hubble Smith at hsmith@review journal.com or 702-383-0491.