Pathfinder Partners Acquires Value-Add Multifamily Project in Well-Located Washington Sub-Market
132-Unit Creekside Village Apartment Community Purchased for $29 Million.
- San Diego, CA (1888PressRelease) May 25, 2019 - Continuing the expansion of its multifamily value-add platform, San Diego-based Pathfinder Partners has acquired Creekside Village Apartments – a 132-unit multifamily community at 3100 Falk Rd. in Vancouver, Wash. – for $29 million from an affiliate of the ConAm Group.
Constructed in 1992, the 12.08-acre project consists of 15 two-story residential townhome buildings, four three-story residential buildings and a one-story building, which houses the clubhouse, leasing office and fitness center.
According to Lorne Polger, senior managing director of Pathfinder Partners, Creekside Village – a short drive from Portland, Ore. – meets his company’s criteria of making opportunistic investments in strong, mid-tier cities in the western U.S. “Vancouver is a highly popular community in the greater Portland metropolitan region, an area which we believe is poised for significant growth in the next several years,” he said. “Additionally, we were attracted to the property’s central location – just five minutes from both 1-5 and 1-205 and downtown Vancouver and ten minutes to Portland International Airport and Portland’s trendy eastside.”
Polger says multiple improvements are planned for the property, including “upgrades to the exterior, common areas and unit interiors, which we believe will allow us significant value-add opportunities.”
The community is comprised of 48 two-bedroom/two-bath units, 12 two-bedroom/two-and-one-half bathroom townhome units and 72 three-bedroom/two-and-one-half bathroom townhome units averaging 1,293 square feet – large by traditional multifamily standards. Creekside Village also features covered parking, a hot tub and swimming pool, direct access garages in 84 townhome units and a children’s playground.
Financing was provided by Brian Eisendrath and Cameron Chalfant of CBRE Capital Markets
About Pathfinder Partners
Headquartered in San Diego, Pathfinder Partners was founded by Mitch Siegler and Lorne Polger in 2006 to make opportunistic investments in distressed real estate assets and value-add properties. Pathfinder has acquired or sold $1 billion of properties since inception. 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 the firm or Pathfinder Partners, visit www.pathfinderfunds.com or contact Mitch Siegler at msiegler ( @ ) pathfinderfunds dot com or 858-875-4455.
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