Pathfinder Partners Income Fund, L.P.

A Core-Plus Multifamily Fund

$137,000,000+ in commitments to date with eleven properties in the portfolio

About the Fund

A stabilized multifamily fund open to accredited investors, the Pathfinder Income Fund seeks acquisitions of multifamily apartments while providing a low-risk, income-generating alternative 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

2.7x gross / 2.3x net Equity Multiple

Pathfinder Track Record

From May 2010 to September 2021 we fully-cycled
103 investments, generating the following project-level returns:

Track Record

Vision

Currently owns 11 properties with 1,279 units across four 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 eight properties with 891 units in prior Pathfinder funds that could be acquired by the Income Fund from ’22-‘25.

Why We Like Apartments

Alternative to
Traditional Fixed Income

Pathfinder Income Fund Apartments

In an environment of ultra-low interest rates, the Fund’s 5% current yield is considerably above yields from most government/investment-grade bonds and dividend-paying stocks

Availability of
Low-Cost Debt

Multifamily Income Fund

Multifamily is a preferred asset class and debt is widely available from a variety of sources

Declining
Homeownership

Pathfiner PArtners Real Estate Income Fund

The homeownership rate has declined from 69% to 64% over the past decade, causing millions of former homeowners to rent

Favorable
Demographics

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

  • Please send me more information about Pathfinder Partners Income Fund, L.P.

    We will email you soon to provide additional information, answer any questions you may have, and set up a call to discuss the opportunity.

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
Creekside Village Apartments

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

Phoenix

Population grew by 12.7% from 2010 to 2019. Current demand for housing is greater than new supply. Since 2011, rents grew 75% (7.5%/year). Occupancy remains strong at 95.5%.

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)

Denver

Strong population and job growth propelling large increases in household income. Apartment rents have increased 7.1% per year since 2011.

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

Sacramento

Vacancy rate, as of March 2021, is 2.6%, 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

Summary of Terms

Capital Committed $132,000,000+ (as of September 30, 2021)
General Partner's Commitment $18,900,000+
Minimum Investment $100,000
Unit Price $1,182.84 (as of September 30, 2021)
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) 2.7x (gross to fund) / 2.3x (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)

Subscribe to the Pathfinder Report

Read our engaging editorial content about real estate trends, investments & the economy.

Scroll to Top