AspireFund, a Qualified Opportunity Zone Fund (QOF), has celebrated the fourth home sold in newly developed Kachina Pines, the first subdivision built in Kachina Village in more than 15 years. These modestly-priced Craftsman-style homes are the first of nine affordable housing units as part of the much-lauded Opportunity Zone development project spearheaded by AspireFund leader Ryan Scott.
“Our intention with Kachina Pines has been to provide flexibility to renters, homeowners and investors,” said Scott. “Using Qualified Opportunity Zones as an investment vehicle, we’re able to focus on bringing sustainable, affordable housing to our community while delivering a competitive rate of return to our investors.”
Introduced as part of 2017’s Tax Cuts and Jobs Act, Opportunity Zones funnel investment dollars into economically distressed areas by offering tax advantages to investors. Taxpayers may defer, reduce and/or eliminate taxes on various capital gains, as a result of their qualified investments in a QOF.
AspireFund raised more than $1 million to fund the purchase and development of nine homes on a challenging 1.5-acre plot of land nestled in the quaint, wooded neighborhood of Kachina Village. Just 15 minutes south of Flagstaff, homes in the community have a median selling price of $423,500.
Scott and team partnered with the esteemed Flagstaff developers at Sabé Homes, who share the fund’s commitment to building sustainable and affordable housing. The new subdivision offers prospective buyers in the area a range of attractive, energy-efficient homes, including traditional bungalow or Craftsman-styles, all priced to sell below $290,000 or rent for under $1,600. A portion of the lots will feature locally built and custom designed tiny homes, fully furnished and ready for Instagram.
With the first keys changing hands in Kachina Pines, Ryan Scott, AspireFund and the Sabé Homes team are celebrating a mission-fulfilling milestone not just for themselves and their investors, but also for the community.
Founder and co-owner of Sabé Homes, Shelley Smithson, is overjoyed to see new homeowners moving in now that the project is complete. “Sabé stands for ‘Sustainable, Attainable, Beautiful, Empowering,’ and those values inform everything we do. Our design plan was to create a pocket neighborhood at a price point that is really affordable while keeping with the character and beauty of the existing homes and surroundings. We wanted these homes to reflect that classic Craftsman, cottage style, and it was so important to us that they have front porches. We really approached this not as building homes, but as building a community, and porches create a space for neighbors to get to know each other and connect.”
With the last two Phase One homes now under contract, the team is gearing up to transform the remaining lots into a unique tiny home community in Phase Two. The wooded enclave will serve as a boutique vacation rental destination, accommodating solo travelers and groups of up to 20 people beginning in the fall of 2020.
AspireFund has set its sights on other Northern Arizona communities for upcoming projects. Scott said, “There are a lot of great towns in Northern Arizona that present fulfilling development opportunities for investors and the communities. We’re looking at Williams, Bellemont, Winslow and the Verde Valley.” FBN
AspireFund is a first-of-its-kind boutique Qualified Opportunity Zone Investment Fund led by Ryan Scott. They serve a growing coalition of partners who seek to invest in measured, thoughtful real estate development projects that benefit underserved communities and their residents.
Michael Gaman is a marketing consultant and analyst based out of Flagstaff. He is also an accomplished travel writer, painter and illustrator.