Intelligent, Innovative Investing™

Pathfinder Report – January 2017

Pathfinder Report – January 2017

ANNOUNCING PATHFINDER’S NEW FUND

We are pleased to announce the launch of our sixth major real estate investment vehicle, Pathfinder Partners 2017 Multifamily Opportunity Fund, L.P. (The “Fund”). We are targeting a $35-$50 million fundraise in the Fund with favorable terms for investor commitments received before January 31, 2017. Click here for more information on the Fund and to view a brief video about Pathfinder.

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Mitch SieglerCHARTING THE COURSE

What the Humble #2 Pencil Can Teach Us About Trade and Freedom

By Mitch Siegler, Senior Managing Director

“I, Pencil”, an essay by Leonard E. Read first published in 1958, tells the story of an ordinary wooden pencil and teaches profound lessons about economics, trade and freedom.

A pencil – what could be simpler? Not much there, really – some wood, lacquer, printed labeling, graphite lead, some metal and an eraser. The story – told by the pencil – begins with a cedar tree that grows in northern California. The pencil reminds readers of all of the saws, rope and equipment used in harvesting and shipping the logs to the railroad siding. All of the people and numerous skills that went into their fabrication: mining ore, producing steel and manufacturing saws, axes, motors; growing hemp and producing heavy rope. The thousands of people who had a hand in every cup of coffee the loggers drink!

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Lorne PolgerFINDING YOUR PATH

Musings from the Front Line

By Lorne Polger, Senior Managing Director

I haven’t turned my television on since the election. Literally. Not that I was a big television watcher to begin with, but frankly, I felt so overloaded with the daily political battles and over-analysis of the smallest of non-news events, that I just decided to tune out. It’s been quite refreshing. I’ve caught up on reading some professional periodicals, fun periodicals and a couple of works of fiction. I binge-watched the second season of Narcos on my iPad. And I’ve played my drums more. I like that. It’s also calmed my nerves about what America may look like four years from now and beyond. Frankly, I got pretty darn tired of “the world is coming to an end” talk around the holiday party circuit. It’s not.

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GUEST FEATURE

Tax Policy and Trump – What To Expect Now

By Brian Furman and Craig Wickwire, RSM

Some of us awoke to an unexpected outcome of the U.S. Presidential election – what many political pundits would call an upset. As you can imagine, the unexpected outcome is now providing opportunities for tax planning, quite unlike anything we’ve considered previously. President-Elect Trump’s tax proposals as compared to the GOP proposals (“Blueprint”) aren’t measurably different, as we will explain below, but there are still many unanswered questions. However, we do know that Speaker of the House, Paul Ryan, has personally committed to substantial donors that tax reform will be enacted in 2017.

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ZEITGEIST – SIGN OF THE TIMES

Go West, Apartment Investors, Go West

Western Metros Lead the Nation in Rent Appreciation

Recent data from John Burns Real Estate Consulting (JBREC) and Zillow reveals that cities in the western U.S. are poised to lead the nation in rent increases in 2017. Zillow predicts rents will rise in 34 of the 35 largest metros with Seattle, Portland and Denver – Pathfinder stomping grounds – projected to show the highest rent growth at 7.2%, 6.0% and 5.9%, respectively from August 2016 to August 2017.

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TRAILBLAZING: SIENNA LOFTS, GRESHAM, OR

Dog ParkReinventing a Community for Residents and their Furry Friends

There is something about a dog’s sense of smell and ability to sniff out the unexpected. Like Rover, we hunted far and wide before uncovering Sienna Lofts in the quaint Portland, Oregon suburb of Gresham.

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NOTABLES AND QUOTABLES

The Unexpected

“To expect the unexpected shows a thoroughly modern intellect.”
– Oscar Wilde, Irish author

“Expect the best, plan for the worst and prepare to be surprised.”
– Dennis Waitley, motivational speaker

“Unexpected change is like a breath of fresh air – a little brisk at first, but magic for the body and soul.”
– Susan Wiggs, American author

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