Development of 178-Unit Apartments
Parkview Financial has provided a $27.5 million construction loan to Hurley Development for the development of Kestrel Park Apartments, a 178-unit apartment community located at 15306 NE Fourth Plain Road in Vancouver, WA. The project, which is just 10 miles from Portland, OR, has now commenced construction with completion anticipated for March 2022.
Situated on 5.51 acres, the modern, garden-style project will consist of six, three-story buildings that include 54 one-bedroom units, 108 two-bedroom units and 16 three-bedroom units with an average unit size of 883 square feet.
“Locally based Hurley Development, is a seasoned developer with a stellar track record of successfully building and repositioning multifamily, office, single-family, and retail assets in the Vancouver market,” said Paul Rahimian, CEO with Parkview Financial. “This is our first loan with this developer and we are confident that they will deliver a quality product.”
Rahimian added, “This project will be attractive to the local workforce population as it will provide spacious new units in a great location at an affordable price point when compared to rents in downtown Vancouver and the Portland metro area.”
Kestrel Park Apartments is part of a multi-phase development. Phases one to four include residential lots that have been pre-sold to a national home builder. Kestrel Park Apartments is part of phase five with future phases to include a retail and office center. The site provides nearby access to local retailers such as Walmart, Safeway, and Dollar Tree and is a convenient commute to major employers in the Vancouver area including Banfield Pet Hospitals Headquarters, Frito-Lay, Nautilus and PeaceHealth.