Situation
Recognizing Central America’s multitude of real estate opportunities, the principals of Vista Verde Partners, LLC investigated the region and were particularly attracted to Costa Rica’s outstanding market fundamentals and laws providing foreign investors equal rights as those applied to citizens.
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Central American real estate markets are experiencing rapid growth and Costa Rica is no exception. Similar to what was seen in California and southern Florida before the current credit crisis, double-digit appreciation still exists in countries such as Costa Rica, Panama, and Belize. With the low relative prices and operating costs of single family homes, condos, and land parcels, Costa Rica is an ideal market on which to focus. Heather Wilson, a consultant with brokerage house Heritage Estates, believes the growth has just begun. “Improved infrastructure, international schools, American style private hospitals, and five star hotels are arriving in the Guanacaste province, attracting sun-seekers from across the globe,” says Wilson. |
Opportunity
Located in Costa Rica’s pristine Guanacaste province in the Pacific northwest region, SeaBreeze Mountain is less than an hour from Daniel Oduber InternationalAirport in Liberia (which offers direct flights from several North American airports) and is on the road leading to the highly anticipated JWR Marriott. Only 15 minutes from popular beach towns such as Avellanas, Junquillal, and Tamarindo, SeaBreeze Mountain sits high over the coastal plains.
The gated community encompasses 400 acres and consists of 220 ocean, mountain, and river view lots each no less than 1.25 acres in size. Amenities include a golf practice area, tennis courts, 24/7 security, a private water system, 60 acres of nature trails, and a windmill providing electricity to common areas. A community center will feature broad ocean views and includes an Infinity pool, spa, gym, and barbeque area. |
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The developer behind SeaBreeze Mountain is Jean Schiettekatte, General Partner of SBM Guanacaste. With over 15 years of development experience in Costa Rica, Jean says “the development’s access to a wide selection of local activities, shopping, beautiful beaches, golf courses and national parks” make SeaBreeze Mountain ideal for foreign investors and home buyers alike.
Careful not to exploit the surrounding environment, the developer focuses on green construction practices and materials while integrating the area’s natural flora and fauna into the development’s master plan. Not to mention, SeaBreeze Mountain is the first development in Costa Rica recognized for Leadership in Energy and Environmental Design (LEED) and as a member of the US Green Building Council.
Joint Venture
Vista Verde Partners entered into a Joint Venture with SBM Guanacaste to improve five river view lots each with 1,200 square foot 3 bedroom / 3 bathroom homes complete with a pool and furnishings. Under terms of the JV agreement, VVP contributed construction equity and SBM Guanacaste provided the five land parcels. Furthermore, SBM Guanacaste oversees construction of the homes which began in 4Q07 while also marketing SeaBreeze Mountain in the US, Canada, and Europe. This joint venture arrangement fulfills both parties’ objectives and provides Vista Verde Partners a solid platform on which to grow within Central America. |
Value Creation
By recognizing an emerging real estate market and identifying a best-in-class development, Vista Verde Partners anticipate delivering investors an outstanding return and providing a viable investment option outside the traditional equity markets. |
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For more information on SeaBreeze Mountain, visit: www.seabreezemountain.com |
