Pathfinder Closes Portland Sale
- Oct 26, 2016
by Laura Calugar
Portland, Ore.—Pathfinder Partners LLC, a San Diego-based firm specializing in opportunistic real estate investments, recently sold Calico Townhomes for $4.1 million. Although the name of the buyer was not disclosed, the property was purchased by a Portland-based 1031-exchange client represented by Jack Stephens of HFO Investment Real Estate LLC. Pathfinder was represented by Cody Hagerman, also of HFO.
Located at 531 128th Ave. SE in Portland’s Mill Park neighborhood, Calico was built in 2008 as for-sale townhomes. In 2013, Pathfinder acquired the property that has been operating as a rental community. The three-story asset consists of 15 two-bedroom, three-and-one-half bath units and three three-bedroom, three-and-one-half bath units ranging from 2,000 to 2,450 square feet. Indoor amenities include private balconies, vaulted ceilings, hardwood flooring, granite countertops and stainless steel appliances. Several homes contain elevators. Residents also benefit from on-site garages and proximity to shopping centers and neighborhood attractions. During its ownership, Pathfinder carried out improvements such as landscaping upgrades, new asphalt, accent painting and a new patio railing system.
“Following the completion of the renovations, we were able to significantly improve the tenant profile and increase rents and ancillary income. Portland continues to grow with an increasing population, strong employment growth and a high demand for housing,” said Lorne Polger, co-founder & senior managing director at Pathfinder Partners, in a prepared statement.
Pathfinder currently owns two other multifamily properties in the Portland metro area—Red Tail Canyon Townhomes, a 100-unit project on Mount Scott in Southeast Portland and Sienna Lofts, a 75-unit property in Gresham.
Image courtesy of Calico Townhomes