Fractured Condos No Mo'
Multifamily might be hot going into '14, but one kind of deal is winding down: the fractured condo sale. There's little of that inventory left in Seattle, Pathfinder Partners managing director Lorne Polger tells us. (Perhaps he was looking for more in Colorado, where he's pictured with longtime friend Mark Sanders.) Recently, San Diego-based Pathfinder acquired the unsold inventory of the Florera Condominiums, a 37k SF property five miles north of downtown Seattle.
"It's one of the few remaining opportunities to buy the unsold condos from a financial institution," Lorne adds. Florera is a 64-unit property adjacent to Green Lake Park, with 59 residential units and five ground-floor commercial units; Pathfinder acquired 45 residential units in a lender-approved short sale. The investor is going to rent the units but isn't ruling out future sales. The SoCal company is no stranger to Seattle. In the last two years, it's acquired five multifamily properties here, including The Sanctuary, Chelsea Courte, View at Redondo, and Gordon Apartments.