MESA/TEMPE, AZ—Pathfinder Partners LLC continues to find compelling value-add opportunities in Phoenix. It recently acquired two Phoenix-area multifamily communities totaling 300 units.
“We believe there is significantly more room for rent growth in the value-add space as contrasted with the newer class-A product, especially given current construction costs in the greater Phoenix market,” Lorne Polger, senior managing director and co-founder of Pathfinder Partners, tells GlobeSt.com.
The transactions include the $25.6 million acquisition of Windemere Apartments, a 224-unit community built in 1986 at 2020 East Inverness Ave. in Mesa from Acacia Capital Corporation. The smaller purchase at $8.5 million from Capstone Commercial Properties is the acquisition of Aria on Mill, a 76-unit apartment community. It is located at 2430 South Mill Ave. in Tempe and was constructed in 1988.
“Windemere is in south Mesa in the desirable Gilbert school district and had never been renovated. We plan to modernize the community through comprehensive common area and interior renovations as well as add new amenities including a new and expanded fitness center, barbecue and community gathering areas and a dog park,” says Polger.
Aria is near Arizona State University, the largest public US university, and is walkable to the Mill Avenue shopping and restaurant district. Aria features a recently renovated exterior facade and presents a unique opportunity to add value through interior renovations, Polger says.
The Windemere transaction was brokered by David Fogler and Steven Nicoluzakis of Cushman & Wakefield. Aria was brokered by Steven Gebing and Cliff David of Marcus & Millichap.
The transactions follow Pathfinder's March 2016 acquisition of the remaining 90 unsold luxury condominiums within the 312-unit Aderra community in Scottsdale, AZ. Pathfinder Partners is a San Diego-based real estate investment firm.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
MESA/TEMPE, AZ—Pathfinder Partners LLC continues to find compelling value-add opportunities in Phoenix. It recently acquired two Phoenix-area multifamily communities totaling 300 units.
“We believe there is significantly more room for rent growth in the value-add space as contrasted with the newer class-A product, especially given current construction costs in the greater Phoenix market,” Lorne Polger, senior managing director and co-founder of Pathfinder Partners, tells GlobeSt.com.
The transactions include the $25.6 million acquisition of Windemere Apartments, a 224-unit community built in 1986 at 2020 East Inverness Ave. in Mesa from Acacia Capital Corporation. The smaller purchase at $8.5 million from Capstone Commercial Properties is the acquisition of Aria on Mill, a 76-unit apartment community. It is located at 2430 South Mill Ave. in Tempe and was constructed in 1988.
“Windemere is in south Mesa in the desirable Gilbert school district and had never been renovated. We plan to modernize the community through comprehensive common area and interior renovations as well as add new amenities including a new and expanded fitness center, barbecue and community gathering areas and a dog park,” says Polger.
Aria is near Arizona State University, the largest public US university, and is walkable to the Mill Avenue shopping and restaurant district. Aria features a recently renovated exterior facade and presents a unique opportunity to add value through interior renovations, Polger says.
The Windemere transaction was brokered by David Fogler and Steven Nicoluzakis of Cushman & Wakefield. Aria was brokered by Steven Gebing and Cliff David of Marcus & Millichap.
The transactions follow Pathfinder's March 2016 acquisition of the remaining 90 unsold luxury condominiums within the 312-unit Aderra community in Scottsdale, AZ. Pathfinder Partners is a San Diego-based real estate investment firm.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
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