Pathfinder Nabs Glitter Gulch Property for $13M
Built in 2003, the 89-unit community is located in the Lone Mountain submarket of Las Vegas.
Las Vegas—San Diego-based Pathfinder Partners has acquired Tierra Bella, a Las Vegas, Nev. apartment community, for $12.5 million. Built in 2003, the 89-unit property is located in the Lone Mountain submarket, at 10620 Alexander Road in Las Vegas
Tierra Bella features 13 buildings and includes 16 one-bedroom, one-bath units, 50 two-bedroom, two-bath residences and 32 three-bedroom, two bath apartment homes.
The apartments offer a number of upscale features, including full-size washer-dryers, vaulted ceilings and private patios and balconies. Residences average 1,061 square feet, and range from 772 to 1,204 square feet in size.
“We were attracted to the fact that the property is recent vintage and had been owned by a financial institution which undermanaged it,” Pathfinder senior managing director and co-founder Mitch Siegler told MHN. “We also like the fact that it hasn’t been upgraded, and believe that the three-bedroom units will be quite desirable and will have limited competition in the area.”
Pathfinder plans to modernize and rebrand the property to create a greater sense of community through extensive common-area improvements and interior renovations, said Lorne Polger, senior managing director at Pathfinder.
“The community’s attractive architecture and quiet, secluded location, in close proximity to the award-winning Summerlin master-planned community and the Lone Mountain recreational areas, made Tierra Bella a compelling investment opportunity,” Polger said.
A vibrant economy and multifamily demand in the area adds to the appeal of the property. “Las Vegas continues to demonstrate strong market dynamics with solid population and job growth, and an increased demand for renovated, newer-vintage apartments,” he added.
Polger also noted that the submarket in which Tierra Bella is located is very attractive and will likely see strong population and rent growth that outstrips other Las Vegas submarkets.
Tierra Bella is situated in an area that provides residents with many recreational opportunities. Lone Mountain Regional Park, Majestic Park, Durango Hills Golf Club and Palm Valley Golf Course are all located nearby.
“We generally look for value and opportunities within the units and the common areas of the property,” Polger said. “This particular property has upsides to both [including] unit enhancements in the kitchens, bathrooms and living rooms areas and multiple common area enhancements to the clubhouse, gym, pool and outdoor areas.“
Pathfinder purchased the property from the real estate-owned department of a financial institution. In 2009, the lender had foreclosed on a substantial portfolio of assets that included Tierra Bella and several other Las Vegas properties. The disposition of these properties began recently, with Tierra Bella the next-to-last property sold.
ARA Newmark’s Las Vegas office brokered the transaction.
