Pathfinder Partners Income Fund, L.P.

A Core-Plus Multifamily Fund

$175,000,000+ in commitments; 12-property portfolio with 1,383 units

About the Fund

A stabilized multifamily apartment fund open to accredited investors, the Pathfinder Income Fund is a low-risk, income-generating real estate investment vehicle with downside protection. The Fund’s conservative approach to leverage, bias toward fixed-rate debt and emphasis on cash flow provide investors with a value-added, income-producing, tax friendly opportunity to increase their exposure to real estate.

Want to learn more about generating income, creating value and diversifying your portfolio?

Overview of Pathfinder

Seasoned fund manager with excellent track record

Conservative underwriting approach; institutional-level asset management

Outstanding reputation, deep relationships, and prior fund portfolio drive robust deal flow pipeline

Disciplined and thoughtful use of leverage

Target Returns

4%-5% annual distribution paid quarterly

13% gross / 10% net IRR

2.5x gross / 2.0x net Equity Multiple (Remaining Fund Term)

Pathfinder Track Record

From May 2010 to April 2023 we fully-cycled
110 investments, generating the following project-level returns:



Currently owns 12 properties with 1,383 units across five markets and is expecting to close additional acquisitions within the next year. We plan to grow the portfolio through acquisitions and have a pipeline of ten properties with 1,091 units in prior Pathfinder Funds that could be acquired by the Income Fund from ‘23-’25.

Why We Like Apartments

Alternative to
Traditional Fixed Income

Pathfinder Income Fund Apartments

In today’s lower interest rate environment, the Fund’s 4-5% current yield is above yields from most government/ investment-grade bonds and dividend-paying stocks.

Predictable Income /
Strong Inflation Hedge

Predictable Income

Multifamily real estate offers predictable cash flow, is not highly correlated to traditional equity or fixed income investments, offers strong downside protection and provides an excellent hedge against inflation.

Availability of
Low-Cost Debt

Multifamily Income Fund

Multifamily is a preferred asset class and debt is widely available. Current portfolio is financed with fixed rate debt at a blended interest rate of 3.2%.


Pathfiner PArtners Real Estate Income Fund

Homeownership has declined from 69% in 2005 to 66% in April 2023 causing millions of former homeowners to rent.


Pathfiner Partners Income Fund Demographics

The 73 million Millennials, a generation now larger than the Baby Boomers, are delaying marriage and family formation and value mobility, driving them to rent much longer than previous generations.

Your privacy is important to us. Your information will not be shared outside of Pathfinder.

Pathfinder Target Markets Benefiting from Robust Population and Job Growth

San Diego

One of the most desirable and supply-constrained housing markets in U.S. Solid job growth creating upward pressure on rental rates and home prices. Occupancy remains high at 96%.

Paseo Village
Paseo Village

New 31 unit townhome project in Ramona (San Diego County), CA

Highlands at Red Hawk
Breeze Hill Apartments

New 88-unit apartment development in Vista (San Diego County), CA

Creekside Village Apartments

New 41-unit apartment development in Vista (San Diego County), CA


Population grew by 22% from 2013 to 2022. Current demand for housing is greater than new supply. Since 2013, rents grew 84% (8.4%/year). Occupancy remains strong at 95%.

Aria Apartments
Aria Apartments

Boutique, 76-unit, renovated apartment property near Phoenix’s Arizona State University

Talavera Apartments
Talavera Apartments

Well-located, 144-unit, renovated apartment community in Tempe
(metro Phoenix)

Maddox Apartments
Maddox Apartments

Renovated, 224-unit apartment property in Mesa (metro Phoenix)


Strong population and job growth propelling large increases in household income. Since 2013, apartment rents increased 79% (7.9%/year).

Chestnut Apartments
Chestnut Apartments

156-unit apartment community located in high-demand Denver Tech Center (Denver), CO

Highlands at Red Hawk
Highlands at Red Hawk

Recently constructed 56-unit apartment development in Castle Rock (Denver), CO

Echo Ridge at North Hills
Echo Ridge at North Hills

Well-located 168-unit apartment development in Northglenn (Denver), CO

V-Esprit Apartments
V-Esprit Residences

Renovated, 100-unit community in Aurora (Denver), CO


Vacancy rate is 5% as of April 2023, reflecting extremely low supply growth. Sacramento ranks in the top U.S. cities for technology job growth.

Charleston Apartments
Charleston Apartments

Well-located 195-unit, apartment community in high-growth Sacramento, CA market


Vacancy rate, as of April 2023, is 5%, and the metro area continues to experience high rent growth. Since 2013, apartment rents have increased 79% (7.9%/year). Portland benefits from a resilient economy with a focus on technology, real estate, sports apparel and various financial/professional services.

The Passage
The Passage

Low density 104-unit apartment community located in high-demand Vancouver, WA market (metro Portland)

Summary of Terms

Capital Committed $175,000,000 (as of March 31, 2023)
General Partner's Commitment $19,000,000
Minimum Investment $100,000
Unit Price $1,425.02 (as of March 31, 2023)
Investment Horizon Fund term through 2029 (subject to extension)
Target Internal Rates of Return (gross/net) 13% (gross to fund) / 10% (net to investors)
Target Equity Multiple (gross/net) (Remaining Fund Term) 2.5x (gross to fund) / 2.0x (net to investors)
Annual Income Distributions Initially 4%-5%, paid quarterly
Preferred Return 7% Preferred Return; Catch-up to General Partner
Distribution Splits (Limited Partners/General Partner) 90% / 10% on Operating Income
85% / 15% on Capital Events (Sales and Refinance)
Management Fee 1.25% per annum
Acquisition Fee 1.0% (waived for Rollover Properties)

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