LAS VEGAS, NV – Kingsbarn Capital and Development, the development company of Kingsbarn Realty Capital, announced the acquisition of 6.12 acres of legitimate land in Little Lane and Janas Way in Carson City, Nevada. Kingsbarn intends to break ground for the multi-family development site in July, which will feature 140 garden-style apartment units for the currently restricted Carson City market. Kingsbarn anticipates letting to begin a year later, with 95% occupancy expected by spring 2023.
The property is located in a government-designated opportunity zone that offers investors a unique opportunity to benefit from the Tax Cuts and Jobs Act, enacted December 22, 2017. This investment should the investment be held for at least 10 years.
“This is a well-positioned apartment building in a fast growing community where housing is scarce. The property has a great frontage along Little Lane and is just blocks from the Nevada State Capitol. We expect this property to provide stable cash flow for our investors for years to come, "said Jeff Pori, CEO of Kingsbarn.
The company will offer the investment stakes in the property through a newly established Qualified Opportunity Zone Fund. Approximately $ 10 million of investment capital is being offered in this Q-Zone Fund. As a sponsor, Kingsbarn will provide approximately 40% of the equity required for the project.
Source: Capital of Kingsbarn
