Tuesday, August 9, 2022
Aug. 9, 2022

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2nd phase added to 179th Street apartment complex project

Construction underway on 179th Street east of Interstate 5

By , Columbian staff writer
Published:

Vance Development and Capstone Partners are adding a second phase to their apartment complex under construction off Northeast 179th Street east of Interstate 5.

The second phase includes 124 new multifamily units and 222 parking spots. The project cost is about $23.9 million.

The owners are developing 159 units in its first phase. The apartment complex will now encompass 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.

Also involved in the project is CBRE Group, the world’s largest commercial real estate services and investment firm.

CBRE in Portland organized 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 equity partner PCCP, LLC.

“Increased employment drivers, an educated workforce and high quality of life in the Portland metro area are driving the development boom in Vancouver,” said Nick Santangelo of CBRE’s markets debt and structured finance team in Portland.

“The collective planned property is located within the recently expanded Urban Growth Boundary where much of the near-term growth has been centralized, positioning the development in the path of future growth.”

Santangelo said that the expansion is a market-rate project. Site work began June 23. The first building is scheduled to be complete in September with the final building scheduled in February 2024.

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