Pathfinder Partners Acquires Townhome Community for $3.13M
- Jun 11, 2013
San Diego—Pathfinder Partners LLC, a San Diego-based real estate firm, has purchased 16 unsold units and an adjacent parcel of land for 10 additional townhomes at Aragon, a Mediterranean-style townhome community, for $3.13 million.
Located at 7705, 7715, 7725 and 7745 El Cajon Blvd. in La Mesa, Calif., the 48-unit attached home community was developed in 2005 by Barratt American, which sold 32 units to individual homeowners from 2005 through 2007.
“Aragon is in an urban infill location—a nice product type in entry level housing—with good value,” Lorne Polger, senior managing director of Pathfinder Partners LLC, tells MHN. “The purchase price is significantly below replacement cost and well below the prices where initial sales in the project transacted.”
The new two- and three-story units, which range from 1,052 to 1,377 square feet, are move-in ready. Common amenities include an underground, gated parking garage and landscaped areas and walkways. The new owners are planning some minor cosmetic enhancements to the unit interiors.
Aragon is situated near the village of La Mesa, known for its affordable prices and appealing neighborhood ambiance. The property is close by several major freeways and just minutes from downtown San Diego, San Diego International Airport and many other area attractions and amenities.
According to Polger, the company has seen success with similar urban infill properties throughout the western U.S., and it looks for projects where the cost metric of ownership is less than the cost of rent.
“At Pathfinder Partners, we have a stronger appetite for urban infill than outlying suburban product,” Polger says. “We believe that consumers appreciate spending less time in traffic and more time doing other, more enjoyable things in life.”
Pathfinder anticipates completing construction on the 10 new units in 2014.
“We’ve been a fairly prolific buyer of distressed real estate for seven years now,” Polger says. “We closed 17 new investment transactions in 2012 and currently have a robust pipeline of new deals in major markets throughout the western U.S.”
The seller was represented by Allen Chitayat and David Andrews at Hendricks and Partners. Pathfinder Partners represented themselves in the transaction.