Vance Development and Capstone Partners are adding a second phase to their apartment complex under construction northeast of 179th Street east of Interstate 5.
The second phase includes 124 new multi-family units and 222 parking spaces. The cost of the project is approximately $23.9 million.
The owners are developing 159 units in its first phase. The apartment complex will now comprise 283 units in two phases.
The new community will include a clubhouse, pool and hot tub, fitness room, playground, bicycle parking, and views of Mount St. Helens. The general contractor is TEAM Construction and the architect is Leeb Architects.
The CBRE Group, the world’s largest commercial real estate services and investment company, is also involved in the project.
CBRE in Portland arranged the construction loan through a national commercial bank on behalf of the borrower, a co-development between local developers Vance Development and Capstone Partners and their joint venture partner PCCP, LLC.
“Increased employment, a well-educated workforce and a high quality of life in the Portland metro area are driving the development boom in Vancouver,” said Nick Santangelo of the CBRE Markets Debt and Structured Finance team in Portland.
“The planned collective ownership is located within the recently expanded urban growth boundary where much of the near-term growth has been centralized, positioning the development on a path for future growth.”
Santangelo said the expansion is a market rate project. Work on the site began on June 23. The first building is expected to be completed in September with the final building expected in February 2024.