New Venture Commits $5 Million to Acquire Homes from Bank REO Departments and Through Short Sales
Online PR News – 06-December-2010 – – SAN DIEGO, Calif. – Pathfinder Partners, LLC – a San Diego-based company specializing in making opportunistic investments in distressed real estate assets and defaulted loans – has embarked on a joint venture with Raintree Residential, LLC, a real estate investment affiliate of one of the leading San Diego property management firms, to acquire single-family homes, townhomes and condominiums from bank real-estate owned (REO) departments and through short sales.
The new joint venture – Pathfinder Raintree Residential, LLC – has initially committed more than $5 million of capital to purchase and renovate 50 single-family homes in Escondido, Chula Vista and other areas of San Diego County that have been hit hard by foreclosures. Pathfinder Raintree will lease the properties, and is upgrading them to add value and ultimately stabilize the communities.
According to Mitch Siegler, senior managing director of Pathfinder Partners, the equity capital was provided by various Pathfinder Partners Opportunity Funds and the principals of Raintree.
“We are thrilled to partner with Raintree Residential, a leader in San Diego residential real estate,” said Siegler. “Raintree’s principals serve as property managers for more than 1,500 residential units in San Diego County, providing the venture with best-in-class property management, construction and leasing capabilities.”
Robert Shapiro, a senior partner at Raintree, added, “We feel this is opportune timing for such a venture, and look forward to an enduring, mutually beneficial collaboration.”
In launching the joint venture, Pathfinder Partners continues its rapid expansion. Since the firm’s inception in 2006, Pathfinder has acquired more than $250 million in defaulted commercial real estate loans and REO properties and currently owns and operates more than 1,500 units in California, Florida, Texas, Colorado, Oregon and Oklahoma. Pathfinder is actively seeking investment opportunities in these markets, as well as in Arizona, Nevada and Washington.
About Pathfinder Partners
Headquartered in San Diego, Pathfinder Partners, LLC, was founded by Mitch Siegler and Lorne Polger 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.pathfinderpartnersllc.com.
About Raintree Residential
Raintree Residential, LLC, was established in mid-2008 to acquire distressed single-family homes and condominiums in San Diego County through purchases at auction or in open market transactions. Raintree uses a disciplined investment approach to identify acquisition opportunities in those communities hit hardest by the real estate market downturn, including Escondido and neighboring north County areas and Chula Vista and surrounding south County areas.
Raintree’s principals, Michael Kootchick and Robert Shapiro, have a combined 35 years experience acquiring, renovating and managing residential real estate. Their affiliated company, S.O.S. Management and Property Services, Inc., manages approximately 1,500 units in San Diego County.
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