Home Alts News Kingsbarn Breaks Ground on Multifamily Project in Carson City Opportunity Zone

Kingsbarn Breaks Ground on Multifamily Project in Carson City Opportunity Zone

Kingsbarn Capital and Development, the development affiliate of Kingsbarn Realty Capital, has officially broken ground on a 140-unit multifamily development in Carson City.

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Kingsbarn Capital and Development, the development affiliate of Kingsbarn Realty Capital, has officially broken ground on a 140-unit multifamily development called The Marlette and located in a Carson City, Nevada opportunity zone.

Located at Little Lane and Janas Way, the apartment complex is being developed on a 6.1-acre site.

The Marlette will be comprised of 10 two-story buildings with a total of 80 one-bedroom, one-bathroom units and 60 two-bedroom, two-bathroom units. Community amenities will include a 3,000 square-foot clubhouse, leasing office, fitness center, dog park, playground, and a swimming pool area with cabanas, fire-pit seating, and an outdoor kitchen for resident use.

“We’re really excited to bring a new multifamily offering to the Carson City market. The Marlette development will fulfill a much-needed demand for multifamily rentals in this rapidly growing area,” said Phil Mader, president of Kingsbarn Capital and Development. “The community is only a short distance from the Nevada State Capitol and has great access to nearby shopping, walking paths and restaurants.”

When Kingsbarn purchased the land for the project, it reported that investment interests in the property will be offered through a newly formed qualified opportunity zone fund. The company said that approximately $10 million of investment equity will be offered in the opportunity zone fund, and Kingsbarn will provide approximately 40 percent of the equity required for the project.

The opportunity zone initiative, part of the Tax Cuts and Jobs Act of 2017, allows investors to realize a number of tax benefits, including capital gains deferral, if they make long term investment in lower income census tracts known as “opportunity zones.”

The construction firm for the project is Neeser Construction, and the architect is Terry Novak of Novak Architecture. The first units are expected to be completed in spring of 2023.

Kingsbarn Realty Capital is a real estate private equity and development firm based in Las Vegas that structures 1031 exchanges and other investments. The company reports $1 billion in total assets under management.

Kingsbarn Capital and Development was founded in 2020 as the company’s development arm to expand its product offerings for investors to include ground-up development and to fund operating companies who require real estate services across the United States.

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