FOR IMMEDIATE RELEASE
Media Contact: Sydnie Moore
Pathfinder Partners Sells Luxury Townhome Community In Riverside, California, for $16.5 Million
SAN DIEGO (August 29, 2016) – Pathfinder Partners, LLC, a San Diego-based company specializing in opportunistic real estate investments today announced the $16.5 million sale of Tuscan Townhomes, a luxury, 63-unit, townhome project located at 11511 Magnolia Avenue in Riverside, California.**
Pathfinder and its partner, San Diego-based Stratford Partners, acquired the property in 2012 for $10.55 million and completed a comprehensive interior and common area renovation program. Interior townhome upgrades include two-tone paint and the addition of kitchen backsplashes. Common area upgrades included improvements to the landscaping, pool, clubhouse and gym.
Tuscan was built in 2009 as for-sale townhomes but no units were sold. All the two-story townhomes average 1,200 square feet and include two bedrooms and two-and-one-half baths.
According to Scot Eisendrath, managing director of Pathfinder Partners, the community represented an attractive investment in a high quality multifamily property in a strong location. “One of the state’s fastest growing metro areas, Riverside is the 12th largest city in California and boasts the Inland Empire’s largest concentration of businesses and jobs,” Eisendrath said. “We were able to purchase Tuscan significantly below replacement cost and increase the property’s value through a capital improvement program and the implementation of best-in-class property management. During our ownership, the Riverside economy improved considerably. We remain bullish on Riverside and the Inland Empire and are actively seeking new investments in the region.”
The sale represents Pathfinder’s fourth disposition in the Inland Empire. Vince Norris and Margie Molloy of Berkadia’s Los Angeles and Riverside offices brokered the transaction.
About Pathfinder Partners
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 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 Pathfinder, visit www.pathfinderfunds.com or contact Mitch Siegler at firstname.lastname@example.org or at 858-875-4455.
About Stratford Partners
Stratford Partners is a private real estate investment company exclusively focused on the acquisition of multifamily properties in major metro areas on the west coast. Stratford Partners invests its own equity alongside both institutional and private equity investors who are aligned with the company’s goal of adding value to communities. The principals of the firm have acquired, owned and operated a multifamily portfolio in excess of $600 million. For more information, visit www.stratfordpartners.com.
** Buyer’s identity is confidential