TEMPE, AZ-San Diego-based Pathfinder PartnersLLC acquired the 144-unit Copper Creek for its eighth buyin the metro area. The SoCal buyer paid Chicago-basedEquity Residential Properties $16.1 million forownership rights of the 1980s-built multifamily property.

Pathfinders Partners also plans a $1.6 million investment to theproperty at 3501 S. McClintock Dr. The upgrades will include a newclubhouse/gym, exterior paint and landscaping complete with a dogpark. Select units will be outfitted with new flooring, cabinetry,countertops, finishes, fixtures, appliances and fresh paint. Alsoin the works is rebranding – and new signage will be installed. Aspokeswoman with Pathfinder Partners tellsGlobeSt.com that the new name has not yet beendecided on, but should be within the next 30 days. She also saysthe company hired San Diego based Sunrise Management to manage thecomplex.

Copper Creek consists of one- and two-bedroom units andtownhomes ranging from 711 square feet to 1,263 square feet. “Thisis an ideally located, value add property near Arizona StateUniversity and adjacent to the Loop 101, US 60 and I-10,” saysLorne Polger, senior managing director ofPathfinder Partners in a press release. “We believe ASU's (ArizonaState University) continued growth will create increased demand forhousing in the area and plan to add significant upgrades so thecommunity will have even more appeal.”

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.