Company News
Kingsbarn Capital and Development Acquires Multifamily Development Site in Carson City, Nevada
Las Vegas, Nevada, June 3, 2021 – Kingsbarn Capital and Development, the development affiliate of Kingsbarn Realty Capital (“Company” or “Kingsbarn”) announced the acquisition of 6.12 acres of entitled land located at Little Lane and Janas Way in Carson City, Nevada (the "Property”). Kingsbarn intends to break ground in July on the multifamily development site on which it will construct 140 garden-style apartment units to the currently supply-constrained Carson City market. Kingsbarn anticipates the lease-up to begin one year later with 95% occupancy expected by the spring of 2023.
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% 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. 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,” said Kingsbarn CEO, Jeff Pori.
The Company 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.
About Kingsbarn Realty Capital
Kingsbarn Realty Capital is a real estate private equity and development firm based in Las Vegas, Nevada. Kingsbarn structures its real estate investment opportunities for both fractional 1031 investors as well as providing customized portfolio solutions for large scale investors. Kingsbarns’ management team has wide-ranging experience developing, managing, operating and sponsoring a diversified portfolio of stabilized, income-driven properties. Kingsbarn has acquired and currently operates over $500 million of commercial real estate throughout the United States. In 2020, Kingsbarn Capital and Development was founded as the company’s development arm to expand its product offerings for investors to include ground-up development of real estate assets and to fund operating companies who require real estate solutions across the United States.
Media Contact:
Emma Williams
The Ferraro Group -702-367-7771
emma@theferrarogroup.com
No Offer
This is not an offer. An offer will only be made pursuant to the delivery of the required offering documents, including the private placement memorandum, as supplemented or amended (the “Memorandum”) and only in states in which the securities offered pursuant to the Memorandum are registered or exempt from registration requirements, and only by broker-dealers authorized to do so. This information discusses general information about the portfolio and is not a guarantee, prediction or projection of future performance. Diversification does not protect against loss or guarantee return. There are risks associated with investing in real estate assets, such as inflation, interest rates, real estate tax rates, changes in the general economic climate, local conditions such as population trends and neighborhood values, and supply and demand for similar property types. Investing in DSTs and 1031 exchanges involves significant tax consequences. Please refer to the Memorandum for detailed information about the offering and its associated risks and implications.
Forward-Looking Statements
This press release may contain forward-looking statements identified by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release. Kingsbarn assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events or circumstances.