Lincoln Avenue Breaks Ground on Reno Affordable Community

Pinyon Apartments is scheduled for delivery in 2025. Image courtesy of Lincoln Avenue Communities

Lincoln Avenue Communities has broken ground on Pinyon Apartments, a 252-unit fully affordable multifamily community in Reno, Nev. The project’s completion is expected in 2025.

Financing sources for the development include:

• Tax exempt bonds amounting to $55 million, as reported by Kolo 8
• 4 percent LIHTC from the Nevada Housing Division, purchased by the National Equity Fund
• State tax credits from the Nevada Housing Division, syndicated by Stonehenge, totaling $3 million according to the same source
• Construction and permanent loans from Citibank
• HOME funds from the Washoe County Home Consortium
• Gap loan from the Home Means Nevada Initiative, serviced by the Nevada Housing Division, amounting to $13.6 million, as reported by the same source.

Designed by Kephart, Pinyon Apartments will rise five stories and comprise one-, two- and three-bedroom floorplans. Of the total, 244 homes will be reserved for individuals earning up to 60 percent of the area median income, with the remaining 8 set aside for those earning no more than 50 percent. Amenities will include a fitness center, yoga room, grilling area and playground.

Filling the affordable housing gap

Located at 1120 E. Moana Lane, the site is directly adjacent to the Reno-Tahoe International Airport. It is also off Interstate 580, which connects with Interstate 80, and some 6 miles from downtown Reno.

Lincoln Avenue Communities, a subsidiary of Lincoln Avenue Capital, operates a portfolio of 120 properties totaling more than 22,000 units across 26 states. Most recently, the company broke ground on Leon Creek Flats, a 308-unit affordable housing community in San Antonio, Texas.