Pathfinder Gambles on Condos in Vegas
Lorne Polger is hoping a collection of condo units in Vegas will be the ace up his sleeve in his latest multifamily investment gamble. Pathfinder Partners—which is looking to raise a new $100M fund for commercial real estate investments—just acquired 64 units at Sky Las Vegas, a 42-story, 409-unit luxury condo tower at 2700 Las Vegas Blvd, the north end of the Las Vegas Strip from the tower's original developer, who had been operating them as rentals. Terms of the deal were not disclosed.
Las Vegas was one of the first places impacted by the subprime lending collapse that led to the downturn. But prices for high-rise condos in Las Vegas "have rebounded over the past several years, and we were able to purchase Sky at a significant discount to replacement cost," Lorne tells us. "Las Vegas population and job growth has improved dramatically, and we expect stronger economic performance and improved housing fundamental during the next few years." CBRE's Charles Moore and Marlene Fujita brokered the sale.