Vista Verde dives into Costa Rican residential market

The newly formed private equity real estate group focused on investments in Central America has completed capital raise for its vehicle targeting residential developments in Costa Rica.

The shores of Central America are beckoning. Vista Verde Partners, founded last year to capitalize on Central America’s growing real estate markets, has completed its capital raise for VVP SeaBreeze I, to invest in Costa Rica’s residential sector.

In its first deal, Vista Verde entered into a joint venture with Costa Rican developer SBM Guanacaste, SA. The joint venture will develop a community of 220 single-family homes, SeaBreeze Mountain, comprising 400-acres in Costa Rica’s Guanacaste region.

The venture plans to build high-end residences that “seamlessly link the homes’ private living spaces to the outdoor beauty of the surrounding area.” The development is located near popular beach towns such as Avellanas, Junquillal, and Tamarindo.

Central America’s real estate markets are experiencing rapid growth, according to the group, with double-digit appreciation and low relative prices and operating costs of single family homes, condos, and land parcels.

“We have developed a lot of good relationships with real estate developers up and down the coast,” said Dan Putt, a principal at Vista Verde. “The fundamentals in Costa Rica are very good even with the weakness of the US dollar.”
The project, due to open in June this year, is expected to be the first Leadership in Energy and Environmental Design (LEED) development in Costa Rica and a member of the US Green Building Council.
Vista Verde Partners, headquartered in New York, was co-founded in 2007 by principals Gregory Dietz, Daniel Putt, Mark Waligora and Andrew Canestri.