Kirkland Development Secures Funding for WA Apartment Build
The developer has secured $42 million to fund the construction of a 141-unit apartment community in Camas, Washington.
Kirkland Development is moving forward with its latest development project, The Ledges at Columbia Palisades on the Waterfront in Camas, Washington. The developer secured $42 million for the construction of the apartment community through Parkview Financial.
The Ledges at Columbia Palisades is a fully entitled five-story development with 90 rental apartment units and 51 condominiums. The apartment unit mix will feature studios, one-bedroom and two-bedroom units, while the condominiums will feature a mix of two and three-bedroom units. The property will also have a bike room, fitness room, two pools, roof deck, dog washing station and a car washing station available to residents.
This is Kirkland’s third loan funded by Parkview Financial. For this specific deal, the lender was attracted to the growing Vancouver market, which has attracted increased investment in the last 18 months, according to Paul Rahimian, CEO and founder of Parkview Financial, in a statement. Camas, Washington, where the property is located, is only 10.5 miles from Vancouver and 16 miles from Portland, Oregon, making the city an affordable alternative to both markets.
The Vancouver Waterfront is in the middle of a $1.5 billion revitalization effort along the Columbia River, which divides Washington state from Oregon to the south. Portland Oregon sits across the river from Vancouver. Other multifamily properties are also in the pipeline for Vancouver, Washington. Holland Partner Group and EJF Capital broke ground on a mixed-use apartment property last summer. Block 10 is a 110-unit apartment property with 100,000 square feet of retail space. It is one of the developments exemplary of the investment in the market, and it is expected to fuel more growth.
Other recent deals in the market include Simplicity Esports and Gaming Company’s acquisition of the assets of a gaming center previously owned by a PLAYlive Nation franchisee in Vancouver. In the process, it signed a percentage rent lease. Simplicity Esports also owns and operates 13 Esports gaming centers and is the franchisor for more than 20. It owns eight on the West Coast. The Vancouver location initially opened in 2013 and has a database of over 17,000 unique customers.