Vista Kicks Off Raleigh-Durham Project

The developer obtained $53.7 million in construction financing.

Main Street Vista at 137 Holly Springs Road in Holly Springs, N.C.
Main Street Vista will comprise six buildings with one-, two- and three-bedroom layouts. Image courtesy of Vista Residential Partners

Vista Residential Partners has broken ground on Main Street Vista, a 277-unit multifamily project in Holly Springs, N.C., a Raleigh-Durham submarket.

Dome Equities and two Ohio-based insurance companies provided construction financing. Krevolin & Horst LLC represented the developer in the closing.

Western-Southern Life Assurance Co., one of the two aforementioned lenders, originated a $53.7 million construction loan for this development, according to Wake County public records. The note matures in July 2029.

The community, designed by Niles Bolton, is set to encompass six four- and five-story buildings spread across almost 12 acres. The unit mix will consist of one-, two- and three-bedroom apartment homes averaging about 1,050 square feet.

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Additionally, the development will feature some 19,000 square feet of vertically integrated retail space and 11,000 square feet of live-work space. Common-area amenities at the garden-style community will include a clubhouse, swimming pool, fitness center, central green area and pet park, as well as a courtyard.

The community is rising at 137 Holly Springs Road, close to the city center and a host of dining and retail options. The site is also near the Holly Springs Bio-Tech Corridor, including Fujifilm’s $2 billion biotech campus, with the first phase opening this year. Downtown Raleigh is within 21 miles northeast.

Vista Residential’s national multifamily growth

Vista Residential Partners’ current multifamily portfolio consist of approximately $2 billion of assets under management across the U.S. Additionally, the company has more than 7,560 units under construction nationally.

In April, Vista received city council approvals for the construction of Garden Vista Apartments, a 221-unit luxury development in Palm Beach Gardens, Fla. The firm purchased the 16-acre site for $15 million two years ago.

At the end of last year, a partnership of the developer, Atlantic American Partners and Township Capital broke ground on the first phase of Oak Grove Vista in McDonough, Ga. Upon full build-out, the project is set to comprise 348 apartments and 40,000 square feet of retail space.

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