Capital Square Acquires Nevada Built-for-Rent Community for DST Offering
Capital Square, a sponsor of tax-advantaged real estate investments, announced the acquisition of Aspen Vista, a newly constructed 102-unit built-for-rent housing community in Reno, Nevada.
The community was acquired on behalf of CS1031 Aspen Vista BFR Housing DST, which seeks to raise $20.5 million in equity from accredited investors and has a minimum investment requirement of $50,000.
This represents Capital Square’s fourth BFR offering on platform to date.
“Reno is one of the fastest growing regions, attracting many large corporations and residents from more expensive border states, including California. With strong leasing and rent growth, Aspen Vista is poised to become a top performer in Capital Square’s growing portfolio of housing options,” said Louis Rogers, founder and co-chief executive officer of Capital Square.
Located at 548 Aurora View Court, construction of Aspen Vista was completed in 2022. Developed by D.R. Horton, the nation’s largest homebuilder by volume, the detached three- and four-bedroom single-family homes average 1,689 square feet with open floorplans, granite countertops, stainless steel appliances, wood-like plank flooring, full size washer/dryers, walk-in closets, private backyard or patio, attached two-car garages, smart home integration and extra storage.
The property is in close proximity to the 395 Highway interchange, offering residents easy access to nearby schools, parks and shopping centers anchored by tenants such as Walmart, Smiths, Grocery Outlet, Big Lots, CVS Pharmacy and True Value Hardware. Residents also benefit from major logistics hubs with blue-chip employers, including Amazon, Tesla, Volvo and UPS.
The Reno metropolitan statistical area is one of the fastest growing regions in the country, which has increasingly attracted large corporations and residents migrating from bordering states, such as California. Over 29 corporate headquarters have moved into the market with major employers, including Apple, Google, Blockchains, Switch, Walmart, eBay and Tesla’s Gigafactory.
“Aspen Vista has been built in one of the most attractive real estate markets in the country, which has experienced rent growth of more than 6.5 percent in 2022, according to Yardi Matrix,” said Whitson Huffman, co-chief executive officer. “The property is a modern and attractive housing option located in an undersupplied submarket that achieved 96 percent occupancy in 2022 with only 892 units under construction.”
Since its founding in 2012, Capital Square has acquired 171 real estate assets for over 6,000 investors seeking quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code and other investors seeking stable cash flow and capital appreciation.
Since its founding in 2012, Capital Square has completed more than $7.5 billion in transaction volume.
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