Vida Fund Backs $74.4M Buford Multifamily as First Capital Deployment
Vida Companies has closed construction financing for Carrena, a 289-unit ground-up multifamily development in Buford, Ga., marking the first capital deployment from the firm’s Vida Opportunities Fund, a $47 million Regulation D 506(c) offering.
The construction loan closed June 1. Citizens Bank provided a $42.1 million senior note at 65% loan-to-cost, priced at 210 basis points over secured overnight financing rate with a 48-month term. BWE advised Vida on the capital structure.
The total project cost is $74.4 million. The capital stack includes 65% senior debt from Citizens, 15% preferred equity from Bluecrest Residential, and 20% from the Vida Opportunities Fund – split 75% investors and 25% sponsor.
The fund has raised more than $14 million to date, with an additional $8 million in the pipeline, against its $47 million offering target. The offering is distributed through independent broker-dealers and registered investment advisers, including Quincy Wells, Arkadios, SFA, Emerson, Peak, and Green Vista. The fund carries a 10.25% load covering broker-dealer, managing broker-dealer, and due diligence fees, a 1.2% annual asset management fee, and a 0.5% acquisition fee at fund close. There is no disposition fee. Vida anticipates the offering will remain open through year-end.
Carrena is the first of three projects to be funded with the $47 million in total capital. The other two assets – GuildHouse Apartments, a 354-unit community at 2085 Marietta Blvd. in Atlanta, and GuildHouse BTR, a 39-unit build-to-rent townhome development at the same address – are fully entitled and permitted, with Vida holding the land on both.
Sited at 3130 Financial Center Way near the Mall of Georgia in Buford’s northeast Gwinnett corridor, Carrena will consist of four-story elevator-served buildings with one-, two-, and three-bedroom floorplans. Amenities include a saltwater pool, fitness center with yoga facilities, piano lounge, rooftop deck and lounge, and a nature trail. Vida anticipates delivering first units in fall 2027.
The design and construction team includes CBG Building Company as general contractor, Geheber Lewis Architects as architect, Gaskins and Lecraw as civil engineer, Crosby Design Group as interior designer, and Ironwood Design Group as landscape architect.
“Northeast Gwinnett used to be a quiet lake community with some commuters to Atlanta, but all that has changed over the past two decades,” said Joe Martinez, president of Vida Companies. “This community enjoys an exceptional combination of employers, shopping, dining, entertainment and recreation – fundamentals that continue to drive demand for high-quality housing.”
Northeast Gwinnett’s three-city corridor – Buford, Sugar Hill, and Suwanee – has more than doubled in population since 2000, according to Vida. Major nearby employers include Primerica, AGCO, Intuitive Surgical, Northside Hospital Gwinnett, Kubota Manufacturing of America, and Fox Factory, among others.
The Vida Opportunities Fund also offers a separate feeder vehicle for investors pursuing Roth IRA conversions. Under that structure, Vida said, fund interests receive an annual third-party share valuation; investors working with their financial advisers and tax advisers can use the appraised value when filing a conversion. Because development fund valuations early in a project’s life tend to reflect a discount to projected stabilized value, Vida said the structure may offer tax advantages to converting investors.
The company is targeting additional Sunbelt multifamily development and investment opportunities for 2027, including an opportunity zone fund yet to be named.
According to a recent Marcus & Millichap report, the Atlanta metro’s employment base is expected to grow by 19,000 jobs in 2026 as construction activity slows, vacancy rates tighten, and rents increase.
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