VANCOUVER, Wash., July 11,
2024 /PRNewswire/ -- Vista Residential Partners, a
national multifamily development firm, has broken ground on 9 acres
on N 72nd Avenue in Vancouver, WA
for the development of One26 Vista, a 238-unit multifamily
development.
Located on NE 72nd Avenue, Vancouver,
WA the area has experienced rapid population growth
predominantly driven by single-family development. To support the
population growth, Clark County is
currently constructing Curtin Creek
Park, which is expected to include parking, walking trails,
picnic shelters, restrooms, playground equipment and field areas.
Curtin Creek Park will provide a
gathering place for the community with a range of active and
passive recreational opportunities.
Clark County Washington has
seen significant economic development due to a low tax and
business-friendly environment. The lack of a corporate or
individual income tax has attracted many businesses to either start
or relocate to the Vancouver area.
Economic development efforts have focused on technology and life
sciences with leading companies.
With approximately 3,000 students on its 350-acre campus,
Washington State University ("WSU") is
located 3.5 miles from One26 Vista. WSU supports local economic
development with research and training for high-tech jobs; over 95%
of the graduates remain in Clark
County. The larger WSU system is one of 108 top-tier
research institutions in the United States.
"We think the Vancouver area
has been the bright star in the Portland MSA. We expect to see
continued growth and in migration to the area," says Lee Novak, Chief Development Officer of Vista
Residential Partners. "We are excited to provide high quality and
highly amenitized multifamily housing to the area."
One26 will offer a mix of one-, two-, and three-bedroom
apartment homes averaging approximately 920 square feet. Designed
by LSW Architects, the garden-style apartments will have modern
architecture with secure access entries. Interior finishes include
high-quality stainless appliances, quartz counters, kitchen tile
backsplashes, modern laminate cabinets and flooring and roller
shades, as well as air conditioning. Community amenities will
include a luxury clubhouse, fitness center, pool, hot tub, enclosed
dog park, package concierge and more.
"We're excited to partner with PCCP and Principal Asset
Management to develop one of the only institutional-quality
projects in the area," says Scott
Hartley, chief investment officer of Vista Residential
Partners. "We believe One26 Vista's modern, design-forward
aesthetic will offer residents an elevated living experience."
Krevolin & Horst, LLC, of Atlanta,
Georgia, represented Vista Residential Partners in the
closing.
About Vista Residential Partners: Vista Residential
Partners was founded in 2000 by Eduardo de
Guardiola, an industry veteran with over 30 years of
experience in multifamily investments and more. Headquartered in
Atlanta, Georgia, Vista
Residential Partners has 9 regional offices nationwide with a focus
on the acquisition, development, and construction of multifamily
and mixed-use communities.
About PCCP, LLC: PCCP, LLC is a real estate finance
and investment management firm focused on commercial real estate
debt and equity investments. PCCP has $23.6 billion in assets under management on
behalf of institutional investors. With offices in
New York, San Francisco, Atlanta, and Los
Angeles, PCCP has a 26-year track record of providing real
estate owners and investors with a broad range of funding options
to meet capital requirements. PCCP underwrites the entire
capital stack to exploit inefficiencies in the market and provide
investors with attractive risk-adjusted returns. Since its
inception in 1998, PCCP has managed, raised or invested over
$40.6 billion of capital through a
series of investment vehicles including private equity funds,
separate accounts and joint ventures. PCCP continues to seek
investment opportunities with experienced operators seeking fast
and reliable capital. Learn more about PCCP at www.pccpllc.com.
About Principal Asset ManagementSM:
With public and private market capabilities across all asset
classes, Principal Asset Management and its investment specialists
look at asset management through a different lens, creating
solutions to help deliver client investment objectives. By applying
local insights with global perspectives, Principal Asset Management
identifies distinct and compelling investment opportunities for
more than 1,100 institutional clients in over 80
markets.1 Principal Asset Management is the global
investment solutions business for Principal Financial
Group®, managing $554.4
billion in assets1 and recognized as a "Best
Places to Work in Money Management"2 for 12 consecutive
years.
[1] As of March 31,
2024
[2] Pensions & Investments, "The Best Places to Work in
Money Management", among companies with 1,000 or more employees,
December 12 2023.
Media Contact: Natalie de
Guardiola, ndg@vistarp.com
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SOURCE Vista Residential Partners