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10/14/16
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San Diego-based Pathfinder Partners recently acquired two Phoenix-area multifamily communities totaling 300 units. The transactions, which were with separate sellers, total $34 mil.
In the larger buy, Pathfinder paid $25.6 mil for Windemere Apartments, a 224-unit ($114.3k/unit) community located at 2020 East Inverness Ave in Mesa, AZ. The property, constructed in 1986, was purchased from Acacia Capital Corporation.
Windemere is in south Mesa in the desirable Gilbert school district and had never been renovated. Pathfinder plans to modernize the community through comprehensive common area and interior renovations as well as add new amenities including a new and expanded fitness center, BBQ and community gathering areas and a dog park.
Pathfinder also paid $8.5 mil for Aria on Mill, a 76-unit asset located at 2430 South Mill Ave in Tempe. That asset, built in 1988, was sold by Capstone Commercial Properties.
Aria is near Arizona State University, the largest U.S. public university, and is withini walking distance to the Mill Avenue shopping and restaurant district. Aria features a recently renovated exterior façade and presents a unique opportunity to add value through interior renovations.”
The Windemere transaction was brokered by David Fogler and Steven Nicoluzakis of Cushman & Wakefield. Aria was brokered by Steven Gebing and Cliff David of Marcus & Millichap. The transactions follow Pathfinder’s March 2016 acquisition of the remaining 90 unsold luxury condominiums within the 312-unit Aderra community in Scottsdale.
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