Expanding its Arizona multifamily portfolio, San Diego-based Pathfinder Partners, LLC has acquired 90 units in Aderra Condominiums – a 312-unit upscale community at 11640 North Tatum Boulevard in the exclusive Paradise Valley neighborhood of Phoenix – for $15 million.
According to Lorne Polger, senior managing director of Pathfinder Partners, his firm acquired the condos in a bulk transaction from Real Capital Solutions, which originally purchased 155 units from the project lender. “Our immediate plans are to implement comprehensive exterior and interior upgrades and then launch a retail sales program,” Polger said. “We will also be bringing new model units online within the next few months.”
Aderra, built in 2008, is situated on eight acres across the street from the Paradise Valley Mall and overlooks the Stone Creek Golf Course. Aderra is comprised of 15 three-story buildings with one- and two-bedrooms condos ranging from 811 to 1,284 square feet.
Polger noted the community is a good investment for multiple reasons. “The property’s outstanding location, our ability to purchase the property at a significant discount to replacement cost and the fact that Aderra is one of the only upscale condo communities in the Paradise Valley area were all key factors in our decision to invest here,” Polger said. “We were also impressed by the property’s relatively new construction, extensive amenities and proximity to restaurants, entertainment and shopping. In addition, Phoenix continues to show strong population and job growth, which creates strong demand for housing.”
Aderra features an array of amenities, including open-concept floor plans, gourmet-style fully equipped kitchens, stainless steel appliances, full-size washers and dryers, gas fireplaces, an underground parking garage, fully equipped fitness center, resort-style pool and spa and direct golf course access. The project is pet friendly and within walking distance to numerous dining and shopping options.
John Cunningham and Charles Steele of Jones Lang La Salle were the brokers on the transaction.