(EDITOR’S NOTE: According to previous reporting by The Registry, the seller of the property located at 999 Hiawatha Place S. is an entity associated with Seattle-based James Grady. His company purchased the apartment complex in September of 2019 for $30 million.)
Newly built property with contemporary amenities in up-and-coming neighborhood supports Pathfinder’s Opportunity Fund VIII strategy
Pathfinder Partners, a San Diego-based private equity firm specializing in multifamily real estate investments, today announced the acquisition of Hiawatha Apartments in Seattle, Washington for $28.7 million ($287,000 per unit). Pathfinder made the investment through Pathfinder Partners Opportunity Fund VIII, L.P., an opportunistic fund focused on multifamily investments in the Western U.S.
Located two miles south of downtown in the up-and-coming Jackson Place neighborhood, Hiawatha Apartments offers spectacular views from every direction. Bordered by parks and trails, the location also provides easy access to major highways and the corporate headquarters of Amazon, Starbucks, Zillow, Boeing, Alaska Airlines, and Nordstrom.
“Seattle continues to be a strong market with a steady increase in apartment demand,” said Lorne Polger, Co-Founder and Managing Director of Pathfinder. “The acquisition of Hiawatha aligns with our strategy of investing in well-located apartments in resilient cities such as Seattle. Pathfinder Opportunity Fund VIII, raised in 2020 to capitalize on pandemic-related distress brought about by the pandemic, has now acquired three newly built apartment properties in Portland and Seattle, markets we expect to recover strongly as we emerge from the pandemic.”
Hiawatha, built in 2014, is comprised of 100 units, including a mix of studios, one and two-bedroom units. Hiawatha Apartments offers a contemporary look and feel in a walkable, urban location. Recent upgrades include stainless steel appliances, quartz countertops, new flooring, and high-end fixtures. Common area improvements include renovations to the lobby, a bike storage area, secure parking, an updated security system, a car charging station and rooftop patios.
In addition to Hiawatha, Fund VIII has two investments in Portland and is also targeting investments in Sacramento, San Diego/Southern California, Phoenix and Denver.
About Pathfinder Partners
Headquartered in San Diego, Pathfinder Partners was founded by Mitch Siegler and Lorne Polger in 2006 to make opportunistic and value-add real estate investments. Pathfinder has acquired or sold $1 billion of properties since inception and currently has over $750,000,000 in real estate assets under management, primarily income-generating multifamily properties in six mid-tier cities in the western U.S. For more information on the firm or Pathfinder Partners Income Fund, L.P., visit pathfinderfunds.com.