Vista Residential JV Breaks Ground on Portland-Area Community
Principal Financial Group provided a construction loan for the project.
Vista Residential Partners has broken ground on One26Vista, a 238-unit multifamily project in Vancouver, Wash. Development partners include PCCP LLC and Principal Asset Management.
According to Clark County records, the developer secured a $33 million construction loan from Principal Financial Group and a $5.2 million note, with a maturity date set for January 2025, from a private lender. Krevolin & Horst LLC represented the developer in the closing.
One26Vista is rising at 6914 NE 126th St. Designed by LSW Architects, the garden-style community will have one-, two- and three-bedroom floorplans with an average size of 920 square feet. Apartments are to include stainless steel appliances and quartz countertops, laminate cabinets, kitchen tile backsplashes, air conditioning, roller shades and laminated flooring.
Common-area amenities will feature a luxury clubhouse, a swimming pool, a hot tub, a fitness center, an enclosed dog park and package concierge services, among others.
One26Vista will be 3.5 miles from Washington State University’s 350-acre campus, that hosts approximately 3,000 students. Downtown Portland, Ore., is some 17 miles from the site.
Multiple projects under construction
Vista Residential Partners has started construction on multiple projects since the beginning of the year. In January, the developer broke ground on Main Street Vista, a 277-unit community in Holly Springs, N.C., within the Raleigh-Durham market. The development is backed by a $53.7 million construction loan provided by two lenders.
In April, the company received city approvals for the development of Gardens Vista Apartments, a 221-unit luxury community in Palm Beach Gardens, Fla. The property will put aside 10 percent of its units for residents earning no more than 120 percent of the area median income.
