Activity Perks Up in Buckman, Leading to East of Eleven Buy
San Diego-based Pathfinder Partners recently acquired East of Eleven Apartments in Portland for $22.3 million. The investment was made from Pathfinder Partners Opportunity Fund VIII LP, raised in 2020 to make opportunistic multifamily investments resulting from the pandemic.
East of Eleven is an 84-unit mid-rise property built in 2019 in the desirable Buckman submarket. While distressed because of high vacancy during the pandemic, leasing activity has accelerated during the past several months, with occupancy approaching 85 percent.
“We believe properties like East of Eleven provide an excellent long-term opportunity well-suited for our Fund VIII portfolio,” said Mitch Siegler, co-founder and managing director of Pathfinder. “This is a sought after, high-energy vibrant neighborhood combined with superior amenities, providing tenants the conveniences they desire while offering our investors exposure to recovering markets in a post-pandemic environment.”
East of Eleven’s units have air conditioning, an uncommon feature in most Portland multifamily apartments.
In addition to Portland, Fund VIII invests in Seattle, Sacramento, San Diego/Southern California, Phoenix and Denver.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.
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