San Diego-Based Firm Makes First Phoenix Acquisition with Dorsey Place Condo Project
Online PR News – 23-July-2011 – – SAN DIEGO, Calif. (July 19, 2011) – Marking it’s first purchase in the greater Phoenix area, Pathfinder Partners, LLC, a San Diego-based company specializing in making opportunistic investments in distressed real estate assets and defaulted loans, has acquired 84 units within Dorsey Place, a 90-unit, high-end, four-story condominium project at 1275 University Avenue in Tempe, Arizona. Pathfinder will operate Dorsey Place as a rental community with Phoenix-based Allison Shelton Real Estate Services as the property manager.
Situated on a 1.4-acre site, Dorsey Place is just two blocks from Arizona State University, one of the country’s largest universities with more than 55,500 students. Pathfinder’s Dorsey Place condos include 64 two-bedroom/two-bath, 1,100 square-foot-units and 20 three-bedroom/two-bath units spanning 1,200 square-feet. The property – boasting an interior courtyard, heated swimming pool and common use lounge – is expected to appeal to both ASU graduate students and faculty members.
Dorsey Place was completed in 2007 for about $23 million, when six condos were sold at prices in excess of $400,000 each. Pathfinder acquired Dorsey Place from the original developer for $11.3 million. Included in the acquisition are all of the common areas, along with 6,500 square-feet of ground floor, retail space.
According to Lorne Polger, senior managing director of Pathfinder Partners, the units represent an attractive investment in an outstanding location. “Dorsey Place is a very high-quality, extremely well located project. While the ‘for sale’ condo market in the Phoenix area today is challenged, there is considerable demand for quality rental units. Given our attractive cost basis, we are able to reconstitute Dorsey Place as a rental community for the foreseeable future,” Polger says. “We are very bullish on the future of ASU and the university’s growth should bode well for nearby housing.”
Rents will begin at $1,350 per month for two-bedroom units and $1,950 for three-bedroom units. All feature a washer/dryer, balcony and top-of-the-line appliances. About half of the condos are fully appointed with luxury furnishings and finishes, including plasma TVs, granite countertops and plush, leather couches. Dorsey Place features a 132-space subterranean garage and an additional 47 above-ground spaces.
The Dorsey Place acquisition marks another key milestone in Pathfinder’s continued expansion. The company has raised three opportunistic real estate investment funds since 2007 and is poised to continue its rapid growth – concentrating primarily on acquiring distressed assets and defaulted loans from lenders and special servicers. 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 1,000 units and several hundred thousand square feet of office space in California, Colorado, Oregon, Washington, Florida, Texas and Oklahoma. Pathfinder is actively seeking investment opportunities in these markets, as well as accelerating its acquisition activities in Arizona.
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.
About Allison Shelton Realty Services
Founded in 1984 and headquartered in Phoenix, Allison Shelton manages over $1 billion of real estate throughout Arizona, Dallas and Albuquerque. For more information, visit www.allison-shelton.com.
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