San Diego, CA – Expanding its California presence, Pathfinder Partners, LLC, a San Diego-based company specializing in making opportunistic investments in real estate properties and defaulted loans, has acquired Tuscan Townhomes, a luxury, 63-unit, townhome project located at 11511 Magnolia Avenue in Riverside, California.
Pathfinder and its operating partner, Stratford Partners, acquired the property for $10.55 million and plan to implement a $240,000 program to upgrade townhome interiors, as well as improve common area amenities.
Tuscan Townhomes, a gated community, was completed in 2009 and is currently fully leased. All units are two-story, two-bedroom, two-and-a-half-bath luxury townhomes averaging 1,200 square feet. Each features a direct access garage, washer/dryer, granite countertops, central heat and air conditioning and top-of-the-line appliances.
According to Lorne Polger, senior managing director of Pathfinder Partners, the community represents an attractive investment in an appealing location. “Riverside is one of the fastest growing metropolitan areas in California – with easy access to Orange, Los Angeles and San Bernardino counties – and housing prices here are finally on the upswing,” Polger said. “We believe this is the strongest submarket within the area, and we were able to purchase the project at significantly below replacement cost,” he continued.
The Tuscan acquisition marks another key milestone in Pathfinder’s steady expansion. Since its inception in 2006, Pathfinder has acquired more than $500 million in defaulted commercial real estate loans and REO properties and currently owns and operates several thousand residential units and several hundred thousand square feet of office and retail space in California, Colorado, Arizona, Washington, Florida, Texas, and Oklahoma. The firm is actively seeking investment opportunities in major markets in the western United States.
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, with a focus on multifamily real estate projects. In addition to seeking opportunities to add value by providing liquidity to selling financial institutions, Pathfinder also seeks to maximize value through property enhancements, improvements in operations, marketing and property positioning and other strategies. For more information, visit www.pathfinderfunds.com or contact Mitch Siegler at 858-625-5286.