San Diego-based Pathfinder Partners recently acquired FortyOne 11 Apartments in Portland, OR for $27.4 million. The investment was made from Pathfinder Partners Opportunity Fund VIII LP raised in 2020 to make opportunistic multifamily investments.
FortyOne 11 is a 112-unit property located in a suburb of northeast Portland. Pathfinder will focus on stabilizing the property’s operations while improving the resident experience and tenant retention. FortyOne 11 is 76 percent occupied, presenting an immediate opportunity to substantially increase cash flow through improved occupancy and rent collections, and better utility reimbursement and expense management.
“FortyOne 11 epitomizes our strategy for Fund VIII – a well-located, multifamily project which has struggled operationally during the pandemic,” said Mitch Siegler, co-founder and managing director of Pathfinder Partners. “With the availability of low-cost debt and shifting demographics, multifamily remains a highly resilient asset class.”
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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