Pathfinder Expands Phoenix Footprint
- Jan 25, 2018
Pathfinder Partners, a San Diego-based company specializing in opportunistic and value-add real estate investments, has purchased two more apartment properties in the metro Phoenix market for a combined price of about $32.3 million. The pair of assets includes the Vintage Apartments in Gilbert, Az.— acquired for $18.6 million—and Avalon Apartments in northeast Phoenix, acquired for $13.7 million. Together, the acquisitions bring the company’s active Phoenix multifamily investments to seven properties.
Vintage is a 107-unit, garden-style community located at 1303 West Juniper Ave., originally built as condominiums in 2000. Common amenities at the 9.3-acre property include a resort-style pool and spa, clubhouse with a theater, business center, playground and billiards room. The community’s units range from studios to three-bedrooms, with an average size of 1,150 square feet.
Built in 1973, Avalon, a 117-unit community, is the older of the two properties. Located at 3851 N. 28th St., the 3.5-acre community has seven two- and three-story buildings. Common amenities include barbecue and common areas, a resort-style swimming pool, fitness center and dog park, as well as newly installed solar energy panels and covered parking.
Rebranding, Renovation Planned
Following a multifamily value-add investment strategy, Pathfinder plans to do extensive renovation work on both properties. To rebrand Vintage, Pathfinder will complete renovations in all units and make various common-area improvements. These will include new paint, landscaping, and signage, as well as upgrades to the pool, clubhouse, leasing office and fitness room. The company also plans to install a package center and build a bark park.
As for Avalon, Pathfinder plans to enhance the property with new exterior paint, upgrades to the façade, improvements to the common-area gathering spaces and renovation of all unrenovated unit interiors.
“Both properties are examples of Pathfinder’s value-add apartment renovation and repositioning strategies,” said Lorne Polger, senior managing director of Pathfinder Partners. “We can create considerable value at these properties by upgrading them, improving management, adding desired amenities and renovating interiors, while offering affordable rents.”
David Fogler and Steven Nicoluzakis of Cushman & Wakefield brokered the Vintage deal. Trevor Koskovich, Bill Hahn and Jeffrey Sherman of Colliers HSK brokered the Avalon transaction.
Image courtesy of Pathfinder