Ulysses Development Group (UDG) announced the financial closing of The Prospector Apartments; this new community will bring 136 affordable homes to the City of Reno, reserved for residents earning 30%, 60%, or 70% of the area median income.  The new community will be located at 314 Evans Avenue, steps away from the Reno Aces Ballpark and across the street from the RTC 4th Street Station, providing access to city amenities and public transportation. This community is being developed in Partnership with the City of Reno and will be constructed on land formerly owned by the City.   

The 2025 City of Reno Housing Needs Assessment reported that over one-third of households in Reno are cost-burdened and spending more than 30% of their monthly income on rent. Currently, there is a need for 9,058 units in the next 10 years. Finding safe, stable housing is the cornerstone for growth and success, and The Prospector will help to address that need.   

Additionally, UDG has partnered with Community Services Agency of Reno (CSA), a local nonprofit, to provide vital services to residents of the community. The Prospector will feature a dedicated supportive services classroom, ensuring residents can easily access the organization’s services. The Prospector will include a variety of amenities designed to foster connections among residents, such as a furnished clubroom, outdoor green space and seating pavilion, and on-site leasing offices. Apartment units at the property will be outfitted with washers & dryers, walk-in closets, and hard stone countertops.   

The Prospector Apartments has been made possible through the collaboration of a variety of public-private partners and supported by a range of financial contributions:     

  • The Nevada Housing Division:
    • Over $28 million in tax-exempt bonds  
    • $2.7 million in annual federal low-income housing tax credits (LIHTC)  
    • $5 million in Growing Affordable Housing Program funds  
    • $2 million in Nevada State Tax Credits (TSTC)  
  • Stonehenge Capital is providing a Nevada TSTC equity investment  
  • City of Reno provided a $2.7 million seller note to acquire the land for the project  
  • Wells Fargo:
    •  Permanent debt financing through Freddie Mac   
    • Federal low-income housing tax credit equity investment   

UDG expects to break ground immediately, with completion in late 2027.