Riverside, Calif.—Pathfinder Partners recently announced its fourth disposition in the Inland Empire with the completed sale of a townhome community in Riverside, Calif. The San Diego-based company that specializes in distressed assets and value-add opportunities sold the Tuscan Townhomes community for a total of $16.5 million. The transaction was brokered by Berkadia representatives Vince Norris and Margie Molloy. The name of the buyer was not disclosed.
Located at 11511 Magnolia Ave. in Riverside, Tuscan Townhomes consists of 63 high-end residences. Built in 2009, the community offers a resident amenity package that includes a pool, clubhouse and gym. The townhomes are two-story units that offer an average of 1,200 square feet of space.
Pathfinder acquired the community back in 2012 and immediately carried out a number of improvements, including new backsplashes and paint. The company paid $10.6 million for the asset four years ago, completing a number of upgrades to the community’s common areas in the interim.
“We were able to purchase Tuscan significantly below replacement cost and increase the property’s value through a capital improvement program and the implementation of best-in-class property management,” Pathfinder Partners Managing Director Scot Eisendrath said in a statement.
Image courtesy of Pathfinder Partners