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Pathfinder Partners Closes USD 22.3m Acquisition of Oregon Apartment Property
Thursday 22 July 2021

US-based private equity firm Pathfinder Partners has acquired East of Eleven Apartments in Portland, Oregon for USD 22.3m, the company said.

The investment was made from Pathfinder Partners Opportunity Fund VIII, L.P., raised in 2020 to make opportunistic multifamily investments resulting from the pandemic.

East of Eleven is an 84-unit, mid-rise property built in 2019. The property is in the desirable Buckman submarket, known for its tree-lined streets, eclectic shops, and trendy bars and restaurants.

While distressed because of high vacancy during the pandemic, leasing activity has accelerated during the past several months, with occupancy approaching 85%.

East of Eleven's amenities include subterranean parking, an elevator, an indoor/outdoor community room, bike storage room, pet wash station and secure access, among others.

The units feature quartz countertops, vinyl plank flooring, stainless steel appliances, high-end washer/dryers, and air conditioning, an uncommon feature in most Portland multifamily apartments.

In addition to Portland, Fund VIII invests in Seattle, Sacramento, San Diego/Southern California, Phoenix and Denver.

Headquartered in San Diego, Pathfinder Partners was founded by Lorne Polger and Mitch Siegler in 2006 to make opportunistic and value-add real estate investments.

Pathfinder has acquired or sold over USD 1bn of properties since inception and currently has over USD 725m in real estate assets under management, primarily income-generating multifamily properties in six mid-tier cities in the western US.
Date Published: 22/07/2021