The first phase of a new luxury apartment complex in Northwest Reno is complete.  Tenants are now living at Vida Luxury Living on Sharlands Avenue.  When it's done, the complex will have more than 300 units - and they haven't had a problem getting them leased.

"The demand here has been high in the region, we kind of expected that," said Eugene Lee, Portfolio Manager of FPI Management.  "Plus we've built a beautiful property, It's been really well received.  This pool deck is gorgeous and people have been really responsive to this place, they love it."
It's a sign of better economic times.

"Somebody had tried to do this project previously, about ten years ago and it kind of stalled," Lee said.  "Now, with the momentum we have in the region and all the growth, Guardian Capital picked up the project and has done an amazing job planning, designing and finishing it."

The concept here is value in the complex's amenities - from the pool with a view to the pet spa and multi-room workout space. Dog parks, putting greens, and an outdoor kitchen are all in the works.  Rent starts at about $1450 a month.

"We're not the cheapest in town but we're not the most expensive," Lee said.  "But definitely the value is here between the amenities we have, the different events we're going to offer, I don't think people will bat an eye as far as the value."

Units in the next phase are going fast, so filling the 312 units isn't much of a concern.

"In the last five years we've seen a lot of change from Downtown to Midtown and every other region up here," Lee said.  "It's exciting to be a part of it and we hope there's more."

And while developments like these are helping to meet one kind of demand, the demand for affordable housing continues to grow.

"There is a need for all kinds of housing because we have more people moving into our area," said Brent Boynton of the Reno Housing Authority.  "But as more people move in and as prices rise, the pressure is being put on the people that can least afford to pay it, so we not only need more housing, we need more housing that's affordable."

The Reno Housing Authority is working on several affordable housing projects, including one designed for seniors.