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126-Unit Bull Mountain Heights Apartment Community Purchased for $25.7 Million
SAN DIEGO (October 25, 2018) – Pathfinder Partners, a San Diego-based firm specializing in value-add real estate investments, has announced the $25.7 million acquisition of Bull Mountain Heights Apartment Community – a 126-unit multifamily community located in the Tigard suburb of Portland at 11430 SW Bull Mountain Road, Tigard, OR 97224.
According Mitch Siegler, Senior Managing Director of Pathfinder Partners, “Bull Mountain Heights is appealing because of its desirable location only eight miles from downtown Portland and five miles from Beaverton and the Nike World Headquarters. The community is ideally situated less than three miles south of the Tigard Transit Center and near some of the region’s major employment centers including Portland’s Central Business District and Hillsboro, home to Portland’s largest employer, Intel.”
Built in 1996, the community is situated on 5.4 acres and includes seven three-story residential buildings and two two-story residential buildings. The property has a desirable unit mix comprised of 71 one-bedroom/one-bathroom units, 46 two-bedroom/two-bathroom units and nine three-bedroom/two-bathroom units averaging 819 square feet. Bull Mountain Heights also contains a variety of community amenities including a 24-hour fitness center, swimming pool and spa, clubhouse, lounge, playground, covered parking and garages. Pathfinder business plan is to renovate and modernize the interiors of the apartment units and to enhance the property’s common areas by upgrading the clubhouse with furniture, artwork and accessories, installing a new package locker, dog park and gas BBQ island, updating the pool area furniture and upgrading the fitness center equipment.
Siegler continued, “Portland continues to see strong employment and population growth. Its unrivaled work/life balance and affordable cost of living are key factors that are attracting a highly educated young professional demographic to the region. We believe these factors will contribute to ongoing growth in and around the City of Portland for the next several years.”
About Pathfinder Partners, LLC
Headquartered in San Diego, Pathfinder Partners was founded by Mitch Siegler and Lorne Polger 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. For more information on the firm or Pathfinder Partners Opportunity Fund VII, visit www.pathfinderfunds.com or contact Mitch Siegler at email@example.com or 858-875-4455.