Pathfinder Partners, LLC, a San Diego-based firm specializing in opportunistic real estate investments, has closed the $1.65 million sale of Chester Place, an 11-unit condominium community constructed in 2008 and located in the Roosevelt Historic neighborhood of downtown Phoenix, Arizona. The property was acquired by Arizona-based Koventures, LLC.
According to Lorne Polger, senior managing director of Pathfinder, his firm purchased Chester Place in November 2012 from the real estate owned (“REO”) department of a regional lender and implemented a $50,000 capital improvement program enhancing the property’s common areas. “We were drawn to the property because of its central downtown location, proximity to the Metro Light Rail and unique, modern floor plans,” Polger said.
Pathfinder operated the property as a rental community.
Chester Place includes 11 one-bedroom, one-and-one-half-bath units featuring cherry wood cabinets, granite countertops, polished stained concrete and hardwood floors, stainless steel appliances, washers/dryers and individual garages. Each unit is two stories, averages 1,030 square feet and contains three patios – one downstairs and two upstairs. Following the acquisition, Pathfinder implemented several exterior renovations, including adding security gates, overhauling the landscaping, replacing the garage roof and upgrading the pool area.
Polger noted that the property was also appealing due to its pre-existing condominium map allowing Pathfinder to either sell the project in bulk or sell individual condos. The transaction was brokered by Eddie Chang and Alon Schnitzer of Phoenix-based ABI Multifamily team.