Developer to build 140 apartment units at Little Lane and Janas Way in Carson City
Submitted by Jeff Munson on Mon, 06/14/2021 - 2:07pm
Las Vegas-based Kingsbarn Capital and Development announced Monday the acquisition of 6.12 acres of land located at Little Lane and Janas Way in Carson City that will be turned into apartments.
Kingsbarn intends to break ground in July on the multi-family development site, building 140 "garden-style apartment units" to the supply-constrained Carson City market.
The developer anticipates the lease-up to begin one year later with 95 percent occupancy expected by the spring of 2023, according to a news release from Kingsbarn.
The property is in a federally declared Opportunity Zone, providing investors with a unique opportunity to benefit from the Tax Cuts and Jobs Act enacted December 22, 2017. Investors who qualify for these tax benefits could defer up to 100 percent of their capital gain from this investment should the investment be held for at least 10 years.
“This is a well-positioned multifamily development in a rapidly growing community where housing is in short supply," said Kingsbarn CEO, Jeff Pori. "The property has great frontage along Little Lane and is only a few blocks from the Nevada State Capitol. We expect this Property to provide stable cash flow to our investors for years to come."
Kingsbarn will offer the investment interests in the property through a newly formed Qualified Opportunity Zone Fund. There will be approximately $10,000,000 of investment equity offered in this Q-Zone Fund. Kingsbarn, as the sponsor, will provide approximately 40% of the equity required for the project, according to the news release.
