Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, announced that its offering, CS1031 Aspen Vista BFR Housing, DST, has been fully subscribed. The Regulation D private placement, which raised nearly $20.5 million in equity from accredited investors, consists of a newly constructed 102-unit build-for-rent housing community in Reno, Nevada.
“The Aspen Vista BFR Housing offering has been fully funded in record time. This shows exceptionally strong interest from investors who want to participate in the vibrant Reno housing market and also profit from the build-for-rent (BFR) strategy that has the potential to produce higher returns and capital appreciation,” said Louis Rogers, founder and co-chief executive officer of Capital Square. “Capital Square is especially bullish on BFR investments because most BFR leases are one year in length, which means that Capital Square should be able to increase the rent annually in excess of the rate of inflation.”
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. Residents enjoy luxury amenities, including 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.
“Aspen Vista BFR Housing is a modern and attractive housing option located in one of the fastest growing regions in the country,” said Whitson Huffman, co-chief executive officer. “The Reno MSA’s undersupplied submarket shows healthy rent growth and increased occupancy rates due to an influx of large corporations and residents looking for quality housing.”
Capital Square is an active owner of multifamily communities nationally. Locally, Capital Square acquired Zero Coupon LV Training Facility, the Las Vegas Raiders’ training facility and corporate headquarters in Henderson, Nevada. The community was acquired on behalf of CS1031 Zero Coupon LV Training Facility, DST, which is currently raising equity from accredited investors.