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Phoenix & Southwest   /   March 29, 2021

Lisa Brown
By: Lisa Brown

Avalon Goes from 76% to 90% Leased in Four Months

Pathfinder Partners, a San Diego-based private equity firm specializing in multifamily real estate investments, recently sold Avalon Apartments for $23 million. Avalon, a 117-unit seven-building property on 3.48 acres in Phoenix, is a blend of 81 one-bedroom and 26 two-bedroom apartments averaging 827 square feet.

Avalon was only 76 percent leased in a submarket with a 95 percent average occupancy when Pathfinder acquired the property, presenting an immediate opportunity to substantially increase cash flow. Within four months of the acquisition, Pathfinder stabilized operations, bringing Avalon’s occupancy above 90 percent. During its ownership, Pathfinder enhanced the property’s profile with upgrades and improvements to the facade, landscaping, common areas and unit interiors.

Pathfinder’s multifamily investments are primarily concentrated in six target cities – Seattle, Portland, Sacramento, San Diego, Phoenix and Denver.

Steven Nicoluzakis and David Fogler of Cushman & Wakefield brokered the transaction.

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Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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