Pathfinder Partners Closes Second Las Vegas Multifamily Acquisition
San Diego Investment Firm Purchases 39 Condos within the Park House Community.
- San Diego, CA (1888PressRelease) March 16, 2016 - Continuing to expand its Las Vegas footprint, San Diego-based Pathfinder Partners, LLC has acquired the 39 remaining, unsold condominiums within Park House, a three story, 83-unit luxury condominium community located at 8925 West Flamingo Road in Las Vegas, Nevada. The units were acquired for $7.7 million.
According to Lorne Polger, senior managing director of Pathfinder Partners, Pathfinder purchased the property in an off-market transaction from a private equity investment firm which acquired the community from a lender in 2010, completed construction in 2012 and sold 40 condos over the past three years. "We plan to rent the condos in the near-term, and will explore an individual condo sales program during the next 24 months," he said.
Polger said Park House appealed to Pathfinder for multiple reasons, including accelerating demand for high-end condos in Las Vegas and the community's ideal location between the Las Vegas strip and the downtown Summerlin shopping, dining and entertainment district. "Condo prices in Las Vegas have rebounded over the past several years, and we were able to purchase Park House at a considerable discount to replacement cost," Polger said. "Las Vegas' population and job growth have also improved dramatically, and we expect stronger economic performance and improved housing fundamentals over the next few years."
Park House features expansive one-, two- and three-bedroom floorplans ranging from 1,130 to 2,490 square feet. Contemporary in style, the condos feature high-end finishes and fixtures including stainless steel appliances, travertine countertops, 10-foot ceilings, washer/dryer and a patio or balcony. Furthering its appeal, the community is highly amenitized with a resort-style central pool and cabanas, fitness center, yoga studio, sauna, BBQ area, a community entertainment room with billiards and a subterranean parking garage.
Situated on four acres, the property is located east of I-215 at Durango and West Flamingo Road - with mountain views to the west and strip views to the east - and is conveniently situated near downtown Summerlin with easy access to the Las Vegas strip, Summerlin and Red Rock Casino & Resort.
The acquisition marks Pathfinder's second Las Vegas acquisition. In September 2015, the company acquired the remaining 64 units in Sky Las Vegas - a 42-story, 409-unit luxury condominium community on the north end of the Las Vegas strip - from the original developer.
The leasing and management of the condos is being handled by Stout Management Company of Las Vegas.
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. 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 Pathfinder, visit www.pathfinderfunds.com or contact Lorne Polger at lpolger ( @ ) pathfinderfunds dot com or at 858-875-4450.
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