VISTA RESIDENTIAL PARTNERS, PCCP, LLC AND PRINCIPAL® ANNOUNCE GROUNDBREAKING ON 9 ACRES FOR DEVELOPMENT OF 238-UNIT ONE26 VISTA IN VANCOUVER, WASHINGTON

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Jul 11, 2024, 09:15 ET

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 Management^SM: 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, [email protected]

SOURCE Vista Residential Partners