June 27, 2012
San Diego, CA- Bringing its number of 2012 transactions to eight, Pathfinder Partners, LLC – a San Diego based firm specializing in opportunistic investments in distressed real estate assets and defaulted loans – has recently closed two transactions in Denver, Colorado, and Long Beach, California.
In Denver, Pathfinder and its partner, Bruckal Properties, Inc., acquired the Wellshire Arms Apartments, a 103,000-square-foot, 12-story, 107-unit apartment community located in the historic Observatory Park neighborhood. Earlier this month, Pathfinder purchased Le Park Apartments, a 40-unit, 34,000-square-foot multifamily complex located in Long Beach’s popular Bixby Knolls neighborhood. Working with partner, RyaNik Holdings, LLC, Pathfinder acquired the property directly from a regional bank.
According to Mitch Siegler, senior managing director of Pathfinder, the firm is initiating significant capital improvement programs at the communities, which will both be available as rentals. “These properties reflect Pathfinder’s bullish outlook for Denver and Southern California and are consistent with our long-term strategy to acquire properties at well below peak market pricing,” he said.
Wellshire Arms Apartments, constructed in 1962, is in a prime, central-Denver location, and will be renamed “The Wellshire.” Units average 980-square-feet, with wrap-around balconies and stunning panoramic city and mountain views. Pathfinder plans to implement a $2.5 million ($24,000/unit) exterior and interior renovation focused on modernizing the building’s exterior, significantly enhancing the project’s common area amenities and updating the unit interiors.
Le Park Apartments, built in 1948, consists of six, two-story buildings in a spacious, garden-style setting on 1.25 acres. The property will be renamed “Bixby Park Apartments,” and a $600,000 ($15,000/unit) renovation program will supplement the original hardwood floors and tile in kitchens and bathrooms with modern appliances and fixture. Additionally, Pathfinder will replace selected roofs and repaint the building’s exteriors.
For more information on Wellshire Arms and apartment availability, call Echelon Property Management at 303-756-8910. For information on Le Park’s apartment availability, please call Cadman Group at 310-606-5894.
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 defaulted loans, with a focus on multifamily real estate projects. In addition to seeking opportunities to add value by providing liquidity to selling financial institutions, Pathfinder also seeks to maximize value through property enhancements, improvements in operations, marketing and property positioning and other strategies. For more information, visit www.pathfinderfunds.com or contact Mitch Siegler at 858-625-5286.
About Bruckal Properties, Inc.
Bruckal Properties is a Canadian-based real estate investment company focused on multi-family repositioning opportunities. Myles Bruckal, the group’s Principal, is joined by sons Steven and Jason in the family’s operations. The firm’s most recent acquisitions have been in Denver and Phoenix. For more information, contact Myles Bruckal at 602-510-0381.
About RyaNik Holdings, LLC
RyaNik Holdings, founded by Ryan Mansour and Nik Bringleson, has been acquiring and operating apartment properties in Long Beach and the South Bay of Los Angeles since 2002. The company specializes in turning around under-performing assets to produce consistent cash flow. For more information, visit www.ryanikgroup.com or contact Ryan Mansour at 310-251-8412.