Pathfinder Partners, which specializes in opportunistic and value-add real estate investments, acquired two Phoenix properties for its multifamily portfolio.
The assets are the Vintage Apartments in Gilbert, bought for $18.6M, and Avalon Apartments in Northeast Phoenix, purchased for $13.7M.
Originally constructed in 2000 as condos, Vintage is a 107-unit garden-style community at 1303 West Juniper Ave., southeast of Downtown Phoenix.
The 9.3-acre property includes studios, one-, two- and three-bedroom units, along with a resort-style pool and spa, a clubhouse with a theater, a business center, a playground and a billiards room.
Avalon, a 117-unit multifamily community, is at 3851 North 28th St. near the 24th and Camelback corridor. Built in 1973, the 3.5-acre property includes seven two- and three-story garden-style buildings.
Amenities include barbecue and common areas, a resort-style swimming pool, a fitness center and a dog park, as well as newly installed solar energy panels and covered parking.
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“Phoenix enjoys a highly diversified economy, driven by strong population growth and the in-migration of many employers — factors which have contributed to very strong apartment demand,” Pathfinder Senior Managing Director Lorne Polger said.
“There’s a hole in the market for upgraded, suburban apartments at lower rents, and we can create considerable value at these properties by upgrading them, improving management, adding desired amenities, while offering affordable rents.”
Pathfinder plans to rebrand the Vintage community. It will undertake comprehensive renovations to all unit interiors and common area improvements, including new paint, landscaping, signage and upgrades to the pool, clubhouse, leasing office and fitness room.
As for Avalon, Pathfinder will enhance the property with new exterior paint, upgrades to the facade, improvements to the common area gathering spaces and renovation of unrenovated unit interiors.
Pathfinder has been active in Arizona since 2011 with 14 acquisitions and eight dispositions.
Cushman & Wakefield's David Fogler and Steven Nicoluzakis brokered the Vintage transaction. Colliers HSK Multifamily's Trevor Koskovich, Bill Hahn and Jeffrey Sherman brokered the Avalon deal.
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