Pathfinder Partners Purchases 195-Unit Sacramento Multifamily Community for $22 Million
Savannah Court in Sacramento is San Diego-based Firm’s Second Acquisition in Region.
- San Diego, CA (1888PressRelease) August 31, 2017 - Pathfinder Partners, a San Diego-based firm specializing in opportunistic and value-add real estate investments, has announced the acquisition of Savannah Court, a 195-unit multifamily community located at 4337 Norwood Avenue in Sacramento, Calif. The property was acquired from CIP Savannah, LLC, a Delaware LLC, and represents Pathfinder’s second acquisition in the Sacramento area.
Built in 1986, the 24-building community features distinctive southern Antebellum-style architecture and is situated on 8.9 acres. Residences include 107 one-bedroom/one-bathroom, 44 two-bedroom/one-bathroom and 44 two-bedroom/two-bathroom units – all averaging 700 square feet.
Savannah also contains a variety of community amenities, among them a fitness center, a swimming pool and spa, a tennis court and covered parking.
According to Mitch Siegler, senior managing director of Pathfinder Partners, Sacramento is a rapidly growing region ideally located near San Francisco. “In 2016, Sacramento experienced nearly 13% year-over-year rent growth, ranking first nationally, and these strong fundamentals are expected to continue over the next several years. The strong trends driven by continued population and job growth, combined with Sacramento’s proximity to the San Francisco Bay Area, make this a city with very strong market dynamics.”
Adding to the community’s appeal, Siegler said, is its “unique southern-style architecture, tranquil park-like setting and convenient and central location. Our business plan is to complete comprehensive interior and exterior renovations aimed at modernizing the property as well as add several resident amenities.”
The transaction was brokered by Marc Ross of CBRE, who represented both Pathfinder and the seller.
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, visit www.pathfinderfunds.com or contact Mitch Siegler at msiegler ( @ ) pathfinderfunds dot com or 858-875-4455.
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