Ovation Development marked the opening of Heirloom at Torrey Pines with a ribbon-cutting ceremony Monday, Oct. 26. The complex at 6540 W. Arby Ave. is for residents 55 and older and was almost 90% leased within months of opening, according to the developer.

The nearly $60 million development has 130 one-bedroom apartments and 60 two-bedroom units. For households earning no more than 60% of the area median income, monthly rent is $1,187 for a one-bedroom and $1,425 for a two-bedroom, a developer representative said.

Amenities include a fitness center, salon, food pantry, wellness room, arts and crafts space and business lounge, along with courtyards, a pool and spa, and a fenced dog run.

Clark County’s Community Housing Fund and Nevada’s Home Means Nevada initiative helped finance the project, Ovation said. Public subsidies are commonly used in affordable housing development to help bring rents below levels needed to cover construction and operating costs.

The National Low Income Housing Coalition estimates Nevada is short more than 78,000 affordable and available rental homes for extremely low-income tenants. Recent demand has also been evident at other local developments: Gholson Landing, a 121-unit complex in east Las Vegas, was nearly 80% leased just months after completion, according to previous reporting.

Ovation, founded by developer Alan Molasky, says it has built nearly 10,000 housing units. Its projects include market-rate rentals as well as affordable housing, including a 50-unit complex opened earlier this year for people experiencing homelessness or at risk of losing housing.