Inside Reno's new 208-unit affordable senior housing complex

Since 2006, Praxis has worked with Vintage Housing on 11 projects in both Nevada and Washington State. Praxis was development finance consultant on the Vintage at Sanctuary project. 

RENO, Nev. (News 4 & Fox 11) — Over 200 lower-income seniors will soon have an affordable place to live when the Vintage at Sanctuary apartment complex fully opens in Reno later this month.
The 208-unit building, from Greenstreet Companies, FPI Management and Vintage Housing, features studios and one-bedroom units for the 55+ community priced from $783 to $939 per month. Rents will be set at or below 60% of the area median income.

News 4-Fox 11 got an inside look at the apartment building on Gentry Way Wednesday afternoon. Engineer Vince Griffith said he works closely with Greenstreet Companies, which searches for properties just like this one.

"Infill, close to shopping, close to transportation and affordable lots. This one is a good example of that," he said.

Griffith said projects like this aren't possible without help from local governments, but he refuted the notion — often said in affordable housing discussions — that it's not profitable for private developers to build affordable units.
"These are not the highest-profit return projects for them but they do them, and they feel strongly about making these part of their portfolio," he said of Greenstreet Companies.

While about half of the units are already leased out, many rooms are still open. The grand opening for the Vintage at Sanctuary is on March 15.

Source: News 4 & Fox 11
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