A crowd gathered Oct. 25 at 1008 Little Lane in Carson City to celebrate the opening of a 140-unit luxury apartment complex called The Marlette, an approximately $40 million project developers hope will meet a housing need in the community.
A ribbon cutting and grand opening took place with leaders from the Chamber of Commerce, Mayor Lori Bagwell and members from the development team: Kingsbarns Capital & Development, Neeser Construction, Novak Architecture and Avenue5 Residential, property management.
“It’s approximately $40 million,” Phil Mader, president of Las Vegas-based Kingsbarn Capital & Development, told the Appeal.
Kingsbarn owns the property and is also developing the 207-unit “Altair” apartment project in downtown Carson, between East William and East Washington streets.
Mader said Kingsbarn pursued the Little Lane development due to a need for multifamily housing in the community.
“Because there is a lack of multifamily housing in Carson City, so there’s a strong need, and we think that Carson City is a great place to invest for the long term and produce a high-quality, multifamily project that is within walking/biking distance of downtown, where you can eat, relax, enjoy,” Mader said. “We think that overall, this is a really good city where people want to live.”
Mader said people rent apartments because it’s more affordable than owning a home or is a change in lifestyle. Those relocating for new jobs might also want to rent before buying.
“This is an ‘opportunity zone’, and we’re going to be owning this for a minimum of ten years,” Mader said.
As defined by the U.S. Internal Revenue Service, an opportunity zone is an economically distressed area where “new investments, under certain conditions, may be eligible for preferential tax treatment.”
“We’re long-term owners anyway,” said Mader.
Mader expects the project to attract people coming from out of state and local professionals. He described the spillover into Carson from economic activity in Reno and Lake Tahoe.
“The way that Carson is located, it’s kind of a catchall,” he said. “Somebody who is looking for a little more of a small-town environment, it’s a good fit.”
Jeff Pori, CEO of Kingsbarn Realty Capital, said in the first phase of opening the Marlette, 20 tenants have already signed on. Remaining units will be completed through February. He reiterated the need for more housing options.
“We really like the town. We like the fact it’s the state capital,” he said.
Pori expects the property to be fully leased by the end of spring.
Randi Ledezma, property manager with Avenue5, was optimistic about the development.
“I have been doing this for 13 years,” she said. “I have managed from Los Angeles, West Hollywood, Marin, Arizona, and now I’m here in Carson City. My job is a property manager, but honestly, I am a community builder. That is my main focus. That is my purpose here at the Marlette. We are going to encourage our residents to support our local community. We are going to have them support small businesses.”
Speaking at the ribbon cutting, Bagwell lauded long-term relationships between businesses willing to invest and the city.
“Every business is a piece of the community,” she said.
According to a press release, the Marlette is a “garden-style” development situated on 6.1 acres. It features 10 two-story buildings (14 units each), a 3,000-square-foot clubhouse, conference and study rooms, fitness center, dog park, pet spa, playground, EV charging sites and a “resort-inspired” pool courtyard with cabanas, firepit seating and pool-side gas grills.
A website for the development presently lists a 742-square foot, one-bedroom unit starting at $1,775 a month. A 1,007-square-foot, two-bedroom unit starts at $2,275.
For information, visit https://www.themarletteapartments.com/.