Pathfinder Partners Concludes Two Multifamily Acquisitions for $34.1 Million in Phoenix Area
Newly acquired Phoenix-area multifamily communities totaling 300 units.
- San Diego, CA (1888PressRelease) October 05, 2016 - Pathfinder Partners, LLC, a San Diego-based firm specializing in opportunistic real estate investments, has acquired two Phoenix-area multifamily communities totaling 300 units.
According to Lorne Polger, senior managing director of Pathfinder Partners, the transactions include the $25.6 million acquisition of Windemere Apartments, a 224-unit community built in 1986 at 2020 East Inverness Avenue in Mesa, Arizona from Acacia Capital Corporation and the $8.5 million acquisition of Aria on Mill from Capstone Commercial Properties. A 76-unit apartment community constructed in 1988, Aria is at 2430 South Mill Avenue in Tempe, Arizona.
The transactions follow Pathfinder's March 2016 acquisition of the remaining 90 unsold luxury condominiums within the 312-unit Aderra community in Scottsdale, Arizona.
Pathfinder continues to find compelling value-add opportunities in Phoenix, Polger said. "We were presented with unique opportunities in two attractive Phoenix submarkets," he said. "Windemere is in south Mesa in the desirable Gilbert school district and had never been renovated. We plan to modernize the community through comprehensive common area and interior renovations as well as add new amenities including a new and expanded fitness center, BBQ and community gathering areas and a dog park. Aria is near Arizona State University, the largest U.S. public university, and is walkable to the Mill Avenue shopping and restaurant district. Aria features a recently renovated exterior façade and presents a unique opportunity to add value through interior renovations."
The Windemere transaction was brokered by David Fogler and Steven Nicoluzakis of Cushman & Wakefield. Aria was brokered by Steven Gebing and Cliff David of Marcus & Millichap.
About Pathfinder Partners, LLC
Headquartered in San Diego, Pathfinder Partners was founded by Mitch Siegler and Lorne Polger in 2006 to make opportunistic and value-add real estate investments. 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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