Pathfinder Partners, LLC, a San Diego-based firm specializing in opportunistic real estate investments, announced today it has completed the sales of two newly rebranded and renovated multifamily properties in Seattle and Phoenix for more than $16 million.
The transactions included the $8.7 million sale of Aura Apartments – a 96-unit community constructed in 1959 and 1962 and located in Phoenix’s midtown neighborhood – to Denver-based Capital Real Estate. Additionally, Redondo Terrace, a 78-unit apartment community built in 1986 and located in Federal Way just south of downtown Seattle, sold for $7.5 million to a Seattle-based private investor.
According to Matt Quinn, vice president of Pathfinder Partners, his firm acquired Academy Apartments, rebranded as Aura, in a partnership with Phoenix-based Avenue North in 2012 and immediately implemented a $1.3 million renovation program aimed at modernizing and repositioning the property. “We were drawn to the community because of its artsy midtown location, proximity to the Metro Light Rail and unique design,” Quinn said. “Our renovations focused on updating the property’s common areas and unit interiors, while paying homage to the original, mid-century architecture.” Aura – located on 3.3 acres at 3623 N. 5th Ave. – was named one of the “5 Coolest Apartment Complexes in Phoenix” by the Phoenix New Times in 2014.
The transaction was brokered by Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap’s Phoenix office.
Pathfinder purchased Redondo Terrace – originally known as The View at Redondo and located at 29421 Pacific Highway South in Federal Way – from the real estate owned (“REO”) department of a private lender in March 2012. According to Quinn, extensive value-add improvements were completed on this property. “Redondo represented an excellent opportunity to refresh and modernize a well-located but outdated 1980s-era apartment community. With this in mind, we updated both the exterior and interiors and rebranded the property to give it a cleaner, modern feel.” The buyer was represented by George Miller of the Seattle office of Marcus & Millichap.
Quinn noted that both assets are prime examples of Pathfinder’s value-add apartment renovation and repositioning platform, which utilizes a team of highly creative design, construction and property management professionals experienced in overseeing significant multifamily renovation programs. Moazam Khan of Phoenix-based MoD Architecture oversaw the design process of both renovations.