Chestnut Ridge

Adds 11th property, Chestnut Ridge in Denver, to the Portfolio

SAN DIEGO, October 19, 2021 – Pathfinder Partners (“Pathfinder”), a San Diego-based private equity firm specializing in multifamily real estate investments, today announced the quarterly closing of the Pathfinder Income Fund, L.P. (“Fund”), with more than $5 million in new commitments, bringing total Fund capital to more than $137 million.

A stabilized multifamily fund for accredited investors, the Fund continues to seek new multifamily acquisitions. To date, the Fund has acquired 11 properties with a total of 1,279 units across four markets in the western U.S. (Sacramento, San Diego, Phoenix, and Denver). Since its founding in 2006, Pathfinder has acquired or sold more than 135 properties with a total value of more than $1 billion.

“Across real estate asset classes, private multifamily real estate funds are perhaps best positioned to address both the near-term inflation worries and longer-term opportunities for growth,” said Mitch Siegler, Co-Founder and Senior Managing Director of Pathfinder. “Even if inflation isn’t an issue, due to the ongoing housing supply/demand imbalance in the U.S. and the availability of low-cost debt, multifamily properties offer a low-risk, income-generating real estate investment, as well as an alternative to the bond market – one that can generate alpha more consistently.”

With an emphasis on downside protection, the Pathfinder Income Fund focuses on stabilized, Class-B apartments. The Fund’s conservative approach to leverage, bias toward fixed-rate debt, and emphasis on cash-flowing properties provide investors with an income-producing, tax-friendly opportunity to increase their exposure to real estate.

The Fund’s most recent acquisition is Chestnut Ridge, a 156-unit, garden-style apartment community in Denver acquired in September.  Chestnut Ridge features an attractive mix of spacious studio, one and two-bedroom apartments near multiple employment hubs such as the Denver Tech Center and Fitzsimons Medical District. Recent improvements to the property include the and enhancements to the clubhouse, all common area amenities, and upgrades to the exterior and outdoor areas.

“Chestnut Ridge offered an excellent opportunity to acquire a strong performing asset with upside potential in a highly coveted suburban location in a market poised for future population, job and rent growth,” added Mr. Siegler. “Chestnut Ridge is a perfect example of the attractive, income-generating multifamily properties in the Income Fund’s pipeline.”

Fund Terms

  • 4-5% immediate annual cash flow distributions; Targeting 2.3x net equity multiple, 13% gross average annual returns, 10%+ net Internal Rate of Return
  • Favorable 85%/15% split between the Limited Partners and the General Partner
  • Significant cash flow with taxable income sheltered by depreciation

Pathfinder’s primary target markets are Seattle, Portland, Sacramento, San Diego, Phoenix and Denver, though Pathfinder Income Fund may also invest in other metro areas.

This press release does not constitute an offer to sell nor a solicitation of an offer to purchase any securities in any jurisdiction in which such an offer or solicitation is not authorized and does not constitute an offer within any jurisdiction to any person to whom such offer would be unlawful. Further, the securities being offered by Pathfinder have not been registered under the Securities Act, any state securities laws or the securities laws of any other jurisdiction and may not be offered or sold absent registration or an applicable exemption from the registration requirements. For more information on Pathfinder Income Fund, please visit

About Pathfinder Partners

Headquartered in San Diego, Pathfinder Partners was founded by Lorne Polger and Mitch Siegler in 2006 to make opportunistic and value-add real estate investments. Since inception, Pathfinder has acquired or sold more than $1 billion of properties and currently has over $750,000,000 in real estate assets under management, primarily income-generating multifamily properties in six mid-tier cities in the western U.S. For more information on the firm or Pathfinder Partners Income Fund, L.P., visit

Forward-Looking Statements
Certain statements in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including those regarding the proposed offering of securities and the targeted investment returns and net equity multiple. These forward-looking statements are made only as of the date of this press release and are based on Pathfinder’s current intent, beliefs, plans and expectations. They involve risks and uncertainties that could cause actual future results, performance or developments to differ materially from those described in or implied by such forward-looking statements. Pathfinder undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, other than as required by law.



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