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1/26/18
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San Diego-based Pathfinder Partners has recently added two Phoenix properties valued at more than $32 mil to its growing multifamily portfolio. The latest acquisitions include Vintage Apartments in Gilbert, purchased for $18.6 mil, and Avalon Apartments in Northeast Phoenix, purchased for $13.7 mil.
Originally constructed in 2000 as condominiums, Vintage is a 107-unit, garden-style community located at 1303 West Juniper Ave in Gilbert, southeast of Downtown Phoenix. The 9.3-acre property includes a resort-style pool and spa, a clubhouse with a theatre, business center playground and billiards room as well as six studios, 21 one-bedroom/one-bathroom, 40 two-bedroom/two-bathroom and 40 three-bedroom/two-bathroom units, averaging 1.2k sf.
Pathfinder plans to rebrand the community, complete comprehensive renovations to all unit interiors and make common area improvements – including new paint, landscaping, signage and upgrades to the pool, clubhouse, leasing office and fitness room and installation of a package center and bark park.
Avalon, a 117-unit multifamily community, is centrally located at 3851 N. 28th St, near the 24th and Camelback corridor. Built in 1973, the 3.5-acre community encompasses seven two- and three-story garden-style buildings. Amenities include barbecue and common areas, a resort-style swimming pool, fitness center and dog park as well as newly installed solar energy panels and covered parking.
Pathfinder plans to enhance the property’s appeal with new exterior paint, upgrades to the façade, improvements to the common area gathering spaces and a comprehensive renovation to all unrenovated unit interiors.
According to Lorne Polger, senior managing director of Pathfinder Partners, “Phoenix enjoys a highly diversified economy that is among the fastest growing in the nation, driven by strong population growth and the in-migration of many employers – factors which have contributed to very strong apartment demand,” he said.
Pathfinder has been quite active in Arizona since 2011 with 14 acquisitions and eight dispositions. The Vintage transaction was brokered by David Fogler and Steven Nicoluzakis of Cushman & Wakefield. The Avalon transaction was brokered by Trevor Koskovich, Bill Hahn and Jeffrey Sherman of HSK Multifamily Colliers International.
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