San Diego Based Firm Furthers Regentrification of Midtown with $500,000 Renovation
Pathfinder Partners, LLC, a San Diego-based firm specializing in opportunistic real estate investments, has closed the $1.9 million sale of Shorewood Apartments, a 21-unit community located in the midtown neighborhood of Phoenix, Ariz., just north of downtown. The property was acquired by Washington-based Atrium Apartments, LLC.
According to Lorne Polger, senior managing director of Pathfinder, his firm and partner Ryan Hartman of Phoenix-based Avenue North, purchased Shorewood in February 2012 in a receivership sale and subsequently embarked on a $500,000 capital improvement program to enhance the property’s mid-century appeal. “We were drawn to the property because of its central, gentrifying location, large floor plans with expansive decks and balconies and mid-century modern charm,” Polger said.
Built in 1960, Shorewood includes seven one-bedroom, one-bath units and 14 two-bedroom, two-bath units. Following the acquisition, Pathfinder implemented extensive renovations – overhauling the landscaping, refinishing and expanding the pool area, replacing the roof and all air conditioning units, and repainting the property. Interior upgrades include installing new hardwood-style, sheet vinyl flooring, updating finishes and fixtures and adding new appliances and glass-tile kitchen backsplashes.
Polger noted that the property is also appealing due to its close proximity to the light rail station, downtown Phoenix and Sky Harbor International Airport. Shorewood was 100 percent occupied at the time of the sale.
The Phoenix-based CBRE multifamily team – led by Brian Smuckler and Jeff Seaman – brokered the transaction.
About Pathfinder Partners, LLC
Headquartered in San Diego, California, Pathfinder Partners was founded by Lorne Polger and Mitch Siegler in 2006 to make investments in distressed real estate assets and defaulted loans and to acquire properties with value-add opportunities. Since its inception, Pathfinder has acquired notes and properties with original loan balances in excess of $675 million in more than 70 separate transactions. In addition to seeking opportunities to add value by providing liquidity to selling financial institutions, liquidating funds and long-standing owners, 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 contact Lorne Polger at (858) 875-4450.
About Avenue North, LLC
Avenue North, based in Phoenix, was founded in 2011 by Ryan Hartman to capitalize on the distressed multifamily market. Hartman oversees new acquisitions, property renovations, asset management and new development. For more information, visit www.ave-north.com or contact Ryan Hartman at firstname.lastname@example.org or (480) 907-4010.