SAN DIEGO—Locally based Pathfinder Partners LLChas launched a $100-million fund called Pathfinder PartnersOpportunity Fund V LP. The private real estate fund will focusprimarily on acquiring value-add multifamily andresidential real estate in mid-tier cities in the western US.

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According to Mitch Siegler, senior managingdirector/co-founder of Pathfinder, “Fund V will target a$100-million to $150-million raise and build on Pathfinder's trackrecord of having acquired about half a billion dollars of realestate assets in 75 transactions since its inception. Pathfinderhas gone 'full-cycle' on 32 of those properties—generating netfund-level internal rates of return in excess of 20% on thoseinvestments.”

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The goal of the fund is to capitalize on the best investmentopportunities for residential real estate investments—both rentaland for sale – in San Diego, Denver, Phoenix, Seattle and Portland,among others cities, Siegler adds.

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The fund will secondarily pursue select redevelopment andground-up development opportunities and commercial opportunities inits western US target markets.

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“Our focus is on well-located properties in cities withdiversified economies, growing populations, educated workforces,strong educational and technology components and solidtransportation infrastructure and recreational and culturalactivities,” he says. “We primarily look for small- and mid-sizedproperties that are below the radar of institutional buyers.”

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Ultimately, Siegler says, the strategy is to “add considerablevalue and transform a property quickly—strategically investingcapital in quality projects acquired from distressed or fatiguedownership which have previously been undermanaged and which we canreposition to generate superior returns for our investors.”

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This is the firm's fifth broad-based opportunistic fund;Pathfinder has also raised separate funds targeting single-familyrental aggregation and luxury home repositioning strategies.

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In other recent Pathfinder news, the company just recentlycompleted the purchase of 14 luxury single-family homes near the Sunset Strip inHollywood. Pathfinder intends to rehabilitate the homes in aproject that will cost $50 million, including the aggregate cost toacquire the properties. The purchase was funded throughPathfinder's $12-million Lux Home Fund and with capital from priorfunds. The purchase also aligns with the closing of the Lux HomeFund.

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.