Pathfinder Partners Cashes in $6M for Townhome Community in Portland
- May 31, 2016
Portland, Ore.—San Diego-based Pathfinder Partners LLC announced the sale of Springwater Court Townhomes for $5.8 million. The transaction marks the company’s second disposition in the metro.
The multifamily team, led by Joe Nydahl and Phil Oester from Berkadia’s Portland office brokered the transaction. The buyer has not been disclosed.
“Portland has always been a great market for us and we look forward to expanding our presence here,” said Lorne Polger, senior managing director of Pathfinder Partners. “Rents in this region have been increasing at an average annual rate of 6% since 2013, and vacancy is at an all-time low. New housing has not kept pace with population growth, so the outlook here continues to be good.”
Springwater Court Townhomes is a 32-unit townhome community built in 2009 at 5906 SE. 122nd St. Pathfinder acquired the property in August 2013 from the real-estate owned (REO) department of the original construction lender. Amenities include covered parking and garages, walk-in closets, private balconies and vaulted ceilings.
The property, consisting of 15 three-bedroom and 17 four-bedroom 1,435-square-foot detached townhomes, required an immediate $100,000 investment in capital improvements soon after the acquisition due to neglect during the lender’s foreclosure process. The funds were used for a new monument signage, installation of a new irrigation system, several landscaping upgrades, exterior painting, and the installation of a new trash enclosure and implementation of new, cost-effective waste collection system.
Image courtesy of Springwater Court Townhomes