Capital Improvements Planned for Public Areas –
Marking the company’s sixth acquisition in Washington state, San Diego-based Pathfinder Partners, LLC has purchased Hannah Heights – a six-story, 35-unit condominium building – at 415 6th Avenue in downtown Tacoma. Pathfinder acquired the property through a court-appointed receivership sale from a regional bank.
Built in 2007, the project – which is 100 percent leased – consists of 24 one-bedroom/one-bath, ten two-bedroom/two-bath and one three-bedroom/two-bath units ranging from 854 to 1,429 square feet, including seven two-story penthouses.
According to Lorne Polger, senior managing director of Pathfinder Partners, his firm will continue to operate Hannah Heights as a rental community for the immediate future and plans to complete several common area improvements – including new hallway wall art, new lighting and painting and designer upgrades to the leasing office and lobby, as well as updating and modernizing the onsite gym.
Polger noted that the property is an appealing investment on multiple levels. “We have been tracking Hannah Heights for more than two years and are pleased to finally be able to conclude this acquisition,” he said. “The Seattle/Tacoma metro area is a job-creating machine, and we are attracted to the new construction, urban location near many shops and restaurants and views of the water and Mt. Rainier. Additionally, the project provides dual exit strategies – in the future, we can sell individual condominiums or market the property as a stabilized rental community.”
All units feature high-end finishes, including hardwood flooring with radiant heating, granite countertops, stainless-steel appliances and washers/dryers. Hannah Heights also contains a secure, ground level parking garage with 44 spaces, along with private storage units.
Pathfinder has made five other acquisitions in Washington during the past several years, including The Sanctuary, a 12-unit townhome project in Seattle’s Capitol Hill; Chelsea Courte, a 29-unit condo project in Kirkland; Redondo Terrace, a 78-unit apartment in Federal Way; Florera, 45 units within a 59-unit condo project in Seattle’s Green Lake; and the Anna, an 18-unit apartment project in Redmond.
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. Since its inception, Pathfinder has acquired notes and properties with original loan balances in excess of $750 million in more than 75 separate transactions. In addition to seeking opportunities to provide liquidity to selling financial institutions, Pathfinder also seeks to maximize value through property enhancements, improvements in operations and marketing, property repositioning and other strategies. For more information, visit www.pathfinderfunds.com or call Lorne Polger at (858) 875-4450.