Pathfinder Partners Takes 2 in Phoenix for $34M

The newly acquired communities in Mesa and in Tempe, Ariz., comprise 300 units.

by Evelina Croitoru

Aria on Mill, 2430 South Mill Avenue Tempe, Ariz.
Aria on Mill, 2430 South Mill Avenue Tempe, Ariz.

PhoenixPathfinder Partners LLC, a San Diego-based firm specializing in opportunistic real estate investments, has acquired two Phoenix-area multifamily communities for a combined $34.1 million.

According to Senior Managing Director Lorne Polger, Pathfinder Partners paid $25.6 million to purchase the Windemere Apartments at 2020 East Inverness Ave. in Mesa. Completed in 1986, the two-story community comprises 224 units. Acacia Capital is listed as the seller.

Pathfinder also spent $8.5 million to acquire Aria on Mill at 2430 South Mill Ave. in Tempe. The seller of was Capstone Commercial Properties, according to Yardi Matrix. Aria on Mill consists of 76 units in one- and two-story buildings.

Windemere, 2020 East Inverness Avenue Mesa, Ariz.
Windemere, 2020 East Inverness Avenue Mesa, Ariz.

“Windemere is in south Mesa in the desirable Gilbert school district and had never been renovated,” said Polger in a statement.”We plan to modernize the community through comprehensive common area and interior renovations as well as add new amenities including a new and expanded fitness center, BBQ and community gathering areas and a dog park.

“Aria is near Arizona State University, the largest U.S. public university, and is walkable to the Mill Avenue shopping and restaurant district. Aria features a recently renovated exterior façade and presents a unique opportunity to add value through interior renovations,” Polger added.

David Fogler and Steven Nicoluzakis of Cushman & Wakefield arranged the sale of the Windemere. Steven Gebing and Cliff David of Marcus & Millichap brokered the acquisition of Aria on Mill.

Images Courtesy of Yardi Matrix