A California company has raised $9 million toward developing part of the Green Mountain subdivision in Camas.
Landmark Capital Advisors announced the “complex” equity transaction last week on behalf of developer Bluestone Northwest Communities.
Landmark is providing the capital to buy, develop and sell to homebuilders 201 lots for single-family homes on 51 acres, according to a press release.
That marks Phase 1 of the Green Mountain development north of Lacamas Lake, which will comprise 1,300 homes on 283 acres, including 15 acres of commercial and retail.
The development will replace the Green Mountain Golf Course along Northeast Ingle Road.
Camas moved through final approval of the massive subdivision last year, even as it drew the ire of neighbors who wanted to see the rural area preserved. The city has planned the development since before many of those neighbors moved to town, however.
The new capital funding marks a big step forward for the development and a shift in outside investment, Landmark said.
“The Portland residential land market has historically not had many institutional investors and is occasionally viewed as a secondary market to Seattle,” Steve Sims, managing director at Landmark Capital Advisors, said in a press release. “Our team was able to validate the compelling investment opportunity by highlighting the unique positive attributes of the subject market including: the compelling supply/demand characteristics; the lack of competing master planned communities; and the strong economy.”
