NEW YORK, New York - Vista Verde Partners, LLC has completed its capital raise for VVP SeaBreeze I, LLC, a company formed to capitalize on Central America’s growing real estate market. In its first transaction, the newly formed company entered into a joint venture with SBM Guanacaste, SA, a developer located in Costa Rica. The joint venture will develop single family homes at SeaBreeze Mountain, a 400-acre ecologically friendly residential development located in the country’s surging Guanacaste region. “Vista Verde Partners and its investors are excited to be a part of a development dedicated to delivering a high quality product while setting the standard for green building techniques and responsible development in the area,” says Andrew Canestri, a principal with Vista Verde Partners.

SBM Guanacaste plans to build residences with a first class design that seamlessly links the homes’ private living spaces to the outdoor beauty of the surrounding area. The development is conveniently located 15 minutes from popular beach towns such as Avellanas, Junquillal, and Tamarindo, less than an hour from Daniel Oduber International Airport in Liberia (which offers direct flights from a number of airports in North America), and is on the road leading to the highly anticipated JWR Marriott. According to Jean Schiettekatte, General Partner of SBM Guanacaste, “the development’s close proximity to these regional focal points offers access to a wide selection of local activities, trendy shopping, beautiful beaches, golf courses and national parks.” The development expects to host its official opening in June 2008, and anticipates being 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.

The real estate markets of Costa Rica, and Central America in general, are experiencing rapid growth. Double-digit appreciation, similar to what was seen in California and southern Florida before the current credit crisis, still exists in countries such as Costa Rica, Panama, and Belize. This factor, coupled with the low relative prices and operating costs of single family homes, condos, and land parcels in these countries make the market ideal for both foreign investors and home buyers alike.

According to Heather Wilson, a consultant with brokerage house Heritage Estates, 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.
 

SBM Guanacaste, SA is a vertically integrated real estate developer with over 30 years of combined experience in Costa Rica specializing in ecologically friendly residential communities. For more information on SBMG and SeaBreeze Mountain, visit: www.seabreezemountain.com.

Heritage Estates specializes in properties within residential community developments along the Pacific Coast of Costa Rica. It is a full service real estate company catering to investors, developers, and second home buyers from the U.S., Canada, and Europe. For more information, visit: www.estatescostarica.com.