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.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
Email the Author
Reach over 250,000 Commercial Real Estate Professionals with Connect
Connect CRE reaches the top commercial real estate players nationwide and across all property types, offering you a variety of ways to showcase your team, your expertise and your brand to CRE decision makers.
The home for CRE news and everything you need to stay informed on deals, trends, and transactions, providing a platform to get your brand in front of your target audience.
Daily CRE Emails
Reaching over 150,000 inboxes across the nation every day, Connect’s Daily News emails provide advertising opportunities specific to your market.
Bi-Weekly Property Sector Emails
Focus your advertising on emails dedicated to your property sector and stay visible to current and potential clients.
Position your team as experts in your field with content created by Connect’s editorial team and published on Connect’s news emails. Showcase your intelligence and broaden your reach.