Development of a 141-Unit Waterfront Apartment/Condominium Project
Parkview Financial has provided a $42 million construction loan to Kirkland Development for the construction of The Ledges at Columbia Palisades, an entitled 90-unit apartment and 51 condominium project located at 19801 East Ascension Loop in Camas, WA. The project sits at the border of Vancouver, WA with downtown Vancouver located 10.5 miles to the west and downtown Portland about 16 miles south. It is anticipated for completion in 2022.
Situated on 1.3 acres and consisting of two buildings, The Ledges at Columbia Palisades is perched on a hill overlooking the Columbia River. The 192,701-square-foot (sf) project will consist of five-stories as well as two partially subterranean parking levels with 231 parking spaces. The apartment component will consist of 18 studios, 51 one-bedroom units, and 21 two-bedroom units with an average size of 715 sf. The condominium component will consist of 42 two-bedroom units averaging 1,266 sf and nine three-bedroom units averaging 2,102 sf. On-site amenities will include a lobby, lounge, mail room, bike room, fitness room, two pools, roof deck, dog washing station, and a car washing station.
“This is Parkview’s third loan with Kirkland Development, a successful, local firm with an experienced team,” said Paul Rahimian, CEO and Founder of Parkview Financial. “The greater Vancouver area consistently exhibits robust fundamentals and has attracted increased attention from developers and investors over the past 18 months. We anticipate this area to continue to see growth as this location is convenient to a number of nearby job centers.”
The greater Vancouver area is a strong market that has begun to operate independently of the major Portland, OR market. Camas, located on the eastern portion of the Vancouver market known for its schools and single-family homes, has its own strong fundamentals. It is home to many world headquarters including Nautilus and Fisher Investments. Camas’ business-friendly environment and affordable land continues to attract tech development.
Kirkland Development has successfully built or repositioned multifamily, condominiums, hotels, and single-family homes, as well as office and retail assets throughout Vancouver the greater Northwest.