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8/27/21
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Vista Investment Group has closed on the sale of The Pointe, a 387-unit multifamily property in Vancouver, WA. The deal marks the firm’s disposition of four investments in the past five weeks in transactions we’re told total $334 mil.
The four assets, which also included Vasona Technology Park, a 314k sf office campus in Campbell, CA; Valley Creative Center, a 167k sf office and R&D campus in San Jose, CA; and Echo Pointe, an 80-unit multifamily property in San Diego, CA, were acquired by Vista between 2016 and 2019.
Although the sale price for The Pointe was not given out, we can estimate the value with some basic math by subtracting the prices of the other three property sales (Valley Creative Center - $56 mil; Echo Pointe - $27 mil; Vasona Technology Park - $147 mil) from the $334 mil four-property total. That would put the price of The Pointe at around $104 mil, or $269k per unit.
The sale of The Pointe comes only two years after Vista and its partner acquired the garden-style community, then known as Green Leaf River Pointe, from HFO Investment Real Estate for $69 mil in mid-2019. Under Vista’s direction, the joint venture completed a unit renovation program that included new flooring, upgraded lighting fixtures, stainless steel appliances and refreshed cabinets and countertops. The clubhouse, pool deck and outdoor amenities were also upgraded.
Other than Valley Creative Center, which was sold after Vista received a compelling off-market offer, each of these investments was a planned sale after Vista met or exceeded its business plans, according to company President Jonathan Barach. According to Barach, these dispositions offered opportunities to markedly outperform the firm’s pro forma and return money to their investors.
With the sale of the four assets, which significantly enhances Vista’s internally-capitalized balance sheet, the company is now targeting the acquisition of multifamily and flex/R&D commercial office properties in Denver and Salt Lake City, as well as key markets in the Pacific Northwest.
Josh McDonald, First Vice President in CBRE’s Institutional Multifamily Investment Service’s team out of the Portland, OR office, represented Vista in the sale of The Pointe.
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