San Diego, CA – On the heels of two recent Denver area acquisitions, Pathfinder Partners, LLC – a San Diego-based firm which makes opportunistic investments in distressed real estate assets and defaulted loans – announced today it recently closed on two multi-family transactions in the greater Seattle and Phoenix markets.
Mitch Siegler, senior managing director of Pathfinder Partners, said the acquisitions, completed in January from national banks, included a $9.5 million senior note purchase secured by the first trust deed on the 29-unit Chelsea Courte II in Kirkland, Wash. and the purchase, from a receiver, of the 21-unit Shorewood Apartment complex in Phoenix. “Our focus is on acquiring real estate notes and properties at attractive pricing in desirable communities that will afford us superior returns,” Siegler noted.
Chelsea Courte II is located 15 miles north of Seattle and a short drive from Microsoft, Boeing and Google offices. It is comprised of recently built, two-bedroom, two-bath condominiums, some with dens. The purchase also includes a 2.28-acre vacant parcel adjacent to the complex.
“Following the foreclosure, we plan to do some interior work, address deferred maintenance issues and operate the property as a rental community,” Siegler said, although selling individual units or selling to a condo conversion specialist are also potential exit strategies.
The other acquisition, Shorewood Apartments, is located in the “midtown” neighborhood of Phoenix, just north of downtown and near a light rail station. Built in 1960, Shorewood includes seven one-bedroom, one-bath units and 14 two-bedroom, two-bath units. Plans call for upgrading the property – while maintaining the exterior’s decidedly “retro” feel. Plans call for updating interiors with new kitchen countertops, cabinets and appliances, bathroom fixtures and ceiling fans and washers/dryers.
Pathfinder also acquired two properties in Denver – Grant Street Mansion, a 23,000-squre foot, historic office building at a foreclosure sale for $1.4 million in late December as well as 11 unsold condominiums in the Blake-27 project in the Ballpark District in January.
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 Lorne Polger at 858-625-5285.