Updated June 29, 2021 - 4:45 pm
A Las Vegas real estate firm is venturing to Nevada’s capital for an apartment project.
Kingsbarn Capital & Development announced this month that it acquired 6.1 acres in Carson City and plans to break ground on a 140-unit apartment complex in July.
It expects to start leasing units a year later.
The property, at Little Lane and Janas Way, is in a tax-incentive Opportunity Zone and near the Nevada State Capitol, according to Kingsbarn.
“This is a well-positioned multifamily development in a rapidly growing community where housing is in short supply,” Kingsbarn CEO Jeff Pori said in the release.
Carson City, with a population of nearly 56,000 as of 2019, is vastly smaller than the Las Vegas area, which had more than 2.3 million residents as of last year, federal data shows. The state capital has also weathered the pandemic-sparked economic crash much better than tourism-dependent Las Vegas.
The Las Vegas area’s unemployment rate in May was 8.9 percent, down from 28.1 percent in May of last year after the coronavirus outbreak sparked sweeping business closures and other chaos, state officials recently reported.
In the Carson City area, the unemployment rate in May was 5 percent, down from 14.7 percent in May of 2020.