Pathfinder Partners Acquires 64 Condos on Las Vegas Strip
First Las Vegas Acquisition for San Diego Investment Firm.
- San Diego, CA (1888PressRelease) September 17, 2015 - Continuing the expansion of its multifamily portfolio, San Diego-based Pathfinder Partners, LLC has acquired 64 units in Sky Las Vegas - a 42-story, 409-unit luxury condominium community at 2700 Las Vegas Blvd. South on the north end of the Las Vegas strip.
According to Lorne Polger, senior managing director of Pathfinder Partners, his company purchased the units from the original developer who had previously sold 345 units and was operating the remaining unsold units as rentals.
Comprised of one-, two- and three-bedroom plans, Sky units range from 930 to 1,780 square feet. Pathfinder plans to initially rent the condos and after renovating all 64 units, will implement a retail sales program over the next 12 to 24 months. Completed in 2007, the ultra-modern Sky tower features an array of amenities, including concierge service, valet parking, spa/fitness facility, indoor racquetball, billiards room, putting green, theatre room, dog run, business center and a pool with cabanas, Jacuzzi® and fireplace.
Polger said Sky appealed to Pathfinder for multiple reasons, including the project's ideal location within the path of growth on the "Strip" and the increasing demand in Las Vegas for luxury condominiums. "High rise condo prices in Las Vegas have rebounded over the past several years and we were able to purchase Sky at a significant discount to replacement cost and the prices of recent sales in the complex," Polger said. "Las Vegas population and job growth has improved dramatically, and we expect stronger economic performance and improved housing fundamentals during the next few years."
The property is located south of the intersection of Las Vegas Boulevard and West Sahara Avenue, directly across from the partially completed Fontainebleau Hotel and adjacent to the 1,201-unit Elara, a Hilton Grand Vacations® timeshare property. On the same stretch of Las Vegas Boulevard, the Las Vegas Convention Center is planning an expansion and Resorts World Las Vegas has started construction on its $4 billion resort on the 87-acre site previously owned by Boyd Gaming.
The transaction was brokered by Charles Moore and Marlene Fujita of CBRE's Las Vegas office.
About Pathfinder Partners, LLC
Headquartered in San Diego, Pathfinder Partners was founded by Lorne Polger and Mitch Siegler in 2006 to make opportunistic investments in distressed real estate assets and value-add properties. In addition to seeking opportunities to add value by providing liquidity to selling financial institutions, liquidating funds and fatigued owners, Pathfinder also seeks to maximize value through property enhancements, improvements in operations and marketing, property repositioning and other strategies. For more information on Pathfinder and the firm's newest fund, Pathfinder Partners Opportunity Fund V, L.P., visit www.pathfinderfunds.com or contact Mitch Siegler at msiegler ( @ ) pathfinderfunds dot com or at 858-875-4455.
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