Private equity firm specializing in multifamily real estate also completes $44 million acquisition of Echo Ridge, a 168-unit apartment community in Denver

SAN DIEGO, May 5, 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 $10 million in new commitments raising total Fund capital to more than $95 million. Pathfinder also announced the Fund’s $44 million acquisition of Echo Ridge, a 168-unit apartment community in Denver, Colorado.

A stabilized multifamily fund open to accredited investors, the Pathfinder Income Fund continues to seek acquisitions of new properties. The Fund has acquired seven properties with 900 units across five markets in the western U.S. Pathfinder has acquired or sold more than $1 billion of properties since its founding in 2006.

“Following one of our most successful quarterly closings to date, there continues to be a tremendous opportunity for accredited investors to take advantage of the ongoing housing supply/demand imbalance in the U.S. by adding additional real estate to their portfolios,” said Mitch Siegler, Co-Founder and Managing Director of Pathfinder. “With the availability of low-cost debt and favorable market demographics, the Pathfinder Income Fund provides a low-risk, income-generating vehicle for investing in multifamily properties and a legitimate alternative to the bond market – with superior upside.”

With an emphasis on downside protection, the Pathfinder Income Fund focuses on stabilized, income-producing, Class-B apartments, providing a margin of safety not found elsewhere. 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 widen their exposure to real estate.

The Fund’s newest acquisition, Echo Ridge, a 1999-vintage multifamily property, offers easy access to Boulder, Broomfield and Downtown Denver, is within 15 minutes of high-quality retail and entertainment options and offers tenants access to community spaces including a swimming pool, picnic areas, fitness center and clubhouse. Echo Ridge presents an immediate opportunity to increase cash flow and generate significant additional revenue with rents well below those of newer, nearby properties.

“We have always believed investing in multifamily properties was a resilient business, but after a year unlike any other, multifamily has proven to be even more resilient than we thought,” added Mr. Siegler. “The acquisition of Echo Ridge, similar to other properties in the Income Fund portfolio, illustrates a solid pipeline of attractive multifamily properties in cities with strong population, job and rent growth, and we expect this dynamic to continue for the foreseeable future.”

Fund Terms

  • 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 reduced by depreciation

Pathfinder invests in Seattle, Portland, Sacramento, San Diego, Phoenix and Denver.

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. Pathfinder has acquired or sold more than $1 billion of properties since inception and currently has more than $725,000,000 in income-generating, multifamily real estate assets under management in six mid-tier cities in the western U.S. For more information on the firm, 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.

Jeremy Milner
(401) 862-9422

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