Bulk condo deals don't go down that much anymore in Phoenix, but occasionally an opportunity still presents itself. Recently San Diego-based Pathfinder Partners acquired 90 units in Aderra Condominiums, a 312-unit property in the Paradise Valley neighborhood, for $15M from Real Capital Solutions. Pathfinder Partners senior managing director Lorne Polger (snapped with a different kind of catch) tells us the immediate plans are to do comprehensive exterior and interior upgrades and take the units to market.
Aderra, built in 2008, is on eight acres across the street from the Paradise Valley Mall and overlooks the Stone Creek Golf Course. Real Capital Solutions originally purchased 155 units from the project lender and sold some of them. "Our ability to buy the property at a significant discount to replacement cost, and the fact that it's one of the few upscale condo communities in the area, were both key factors in our decision to invest here," says Lorne.
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