Four of the acquired units are complete and 12 are partially finished. Pathfinder will complete the units – ranging from 1,278 to 2,007-square-
The Barolo acquisition comes on the heels of Pathfinder’s July acquisitions of 84 luxury condominium units at Dorsey Place in Tempe, Ariz., as well as the purchase of Dobson Springs, a 120-unit apartment project in Mesa, Ariz.
According to Lorne Polger, senior managing director of Pathfinder, which specializes in making opportunistic investments in distressed real estate assets and defaulted loans, the two-story, eight-building Barolo Place is well located at the intersection of North 74th Street and Shea Boulevard.
Polger notes that Pathfinder will dramatically reset the prices from the $550,000 to $600,000 level buyers paid in 2007-2008 to $239,000 to $329,000 today. “The Barolo acquisition reflects Pathfinder’s positive outlook for the Phoenix market and is consistent with our strategy to acquire properties at well below replacement cost, in order to deliver tremendous value to today’s buyers,” Polger said.
Originally built in 2007, Barolo Place features a two-bedroom/
Since its inception in 2006, Pathfinder has acquired more than $350 million in defaulted commercial real estate loans and REO properties and currently owns and operates more than 1,200 units and several hundred thousand square feet of office space in California, Arizona, Colorado, Oregon, Washington, Florida, and Oklahoma. Pathfinder is actively seeking investment opportunities in these markets and accelerating its acquisitions in Phoenix.
About Pathfinder Partners, LLC
Headquartered in San Diego, Pathfinder Partners was founded by Lorne Polger and Mitch Siegler in 2006 to make opportunistic investments in distressed real estate assets and defaulted loans, with a focus on multifamily real estate projects. In addition to seeking opportunities to add value by providing liquidity to selling financial institutions, Pathfinder also seeks to maximize value through property enhancements, improvements in operations, marketing and property positioning and other strategies. For more information, visit www.pathfinderfunds.com or contact Lorne Polger at 858-625-5285.
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