Capital Square Acquires BFR Community in Reno
The 102-unit build-for-rent community was completed in 2022 and is located a short commute away from major employers in Reno, Nev.
Capital Square is expanding its build-for-rent community holdings after acquiring a 102-unit community in Reno, Nev. The firm acquired Aspen Vista on behalf of S1031 Aspen Vista BFR Housing, DST, which is looking to raise $20.5 million in equity from accredited investors and has a minimum investment requirement of $50,000.
Aspen Vista was developed by D.R. Horton as a build-for-rent community, opening to residents in 2022. The community offers three- and four-bedroom detached single-family homes that average 1,689 square feet. Units were built with stainless steel appliances, granite countertops, walk-in closets, full-size washer and dryers, smart home integration, extra storage, attached two-car garages and either a private backyard or patio, while select units also get a kitchen island.
Located at 548 Aurora View Court, Aspen Vista is 10 miles away from downtown Reno and its many restaurant and retail options. Being close to the I-395, residents have a quick commute to the area’s major employers like Amazon, Tesla, Volvo and UPS, while also being near several shopping centers and neighborhood parks.
Capital Square noted that more than 29 companies have moved their corporate headquarters into the market, including Apple, Google, Blockchains, Switch, Walmart, eBay and Tesla. Whitson Huffman, co-CEO of Capital Square, said in prepared remarks that Reno is one of the most attractive real estate markets in the country thanks to its rent growth, high occupancy and undersupply of units.
Diving deep into BFR communities
Since being founded in 2012, Capital Square has acquired more than 171 real estate assets for investors looking for replacement properties that qualify under Section 1031. As part of these efforts, the firm recently formed its Private Equity Group, which is headed by Managing Directors Dave Platter and Jon Trott. The group’s overall strategy includes a focus on build-for-rent communities in fast-growing Sun Belt markets. To that end, Aspen Vista is Capital Square’s fourth BFR offering on its platform to date.
The firm previously acquired the 74-unit Ashford Townes, a BFR community in Fuquay-Varina, N.C. that was also developed by D.R. Horton. Prior to the North Carolina acquisition, Capital Square purchased the 100-unit Brighton Woodstock that was developed as a build-to-rent townhome community in Acworth, Ga.