Capital Square Acquires Newly Constructed 102-Unit Aspen Vista Build-for-Rent Housing Community in Heart of Reno, Nevada

Capital Square Acquires Newly Constructed 102-Unit Aspen Vista Build-for-Rent Housing Community in Heart of Reno, Nevada

RENO, NV - Capital Square, one of the nation's leading sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, announced the acquisition of Aspen Vista, a newly constructed 102-unit build-for-rent housing community in Reno, Nevada. The community was acquired on behalf of CS1031 Aspen Vista BFR Housing, DST.

Capital Square formed the Private Equity Group managed by experienced real estate executives, Dave Platter and Jon Trott, as managing directors and co-heads, to profit from opportunities in the housing market, including a dedicated build-for-rent ("BFR") strategy in high growth sunbelt markets. This represents Capital Square's fourth BFR offering on platform to date.

"The team at Capital Square is pleased to sponsor a build-for-rent housing community in Reno, Nevada, for the DST/Section 1031 exchange program. 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."

Source: Capital Square

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