Desirable Portland, OR location offers amenities and opportunities as the market recovers post-pandemic
SAN DIEGO–Pathfinder Partners (“Pathfinder”), a San Diego-based private equity firm specializing in multifamily real estate investments, today announced the acquisition of East of Eleven Apartments in Portland, Oregon for $22.3 million ($265,476 per unit). The investment was made from Pathfinder Partners Opportunity Fund VIII, L.P. (“Fund VIII”), raised in 2020 to make opportunistic multifamily investments resulting from the pandemic.
East of Eleven is an 84-unit, mid-rise property built in 2019 [and is located at 310 SE 12th Ave.]. The property is in the desirable Buckman submarket, known for its tree-lined streets, eclectic shops, and trendy bars and restaurants. While distressed because of high vacancy during the pandemic, leasing activity has accelerated during the past several months, with occupancy approaching 85%.
“We believe properties like East of Eleven provide an excellent long-term opportunity well suited for our Fund VIII portfolio,” said Mitch Siegler, Co-Founder and Managing Director of Pathfinder. “This is a sought-after, high-energy, vibrant neighborhood, combined with superior amenities, providing tenants the conveniences they desire while offering our investors exposure to recovering markets in a post-pandemic environment.”
East of Eleven’s amenities include subterranean parking, an elevator, an indoor/outdoor community room, bike storage room, pet wash station and secure access, among others. The units feature quartz countertops, vinyl plank flooring, stainless steel appliances, high-end washer/dryers, and air conditioning, an uncommon feature in most Portland multifamily apartments.
In addition to Portland, Fund VIII invests in Seattle, Sacramento, San Diego/Southern California, Phoenix and Denver.
About Pathfinder Partners
Headquartered in San Diego, Pathfinder Partners was founded by Lorne Polger and Mitch Siegler in 2006 to make opportunistic and value-add real estate investments. Pathfinder has acquired or sold over $1 billion of properties since inception and currently has over $725,000,000 in real estate assets under management, primarily income-generating multifamily properties in six mid-tier cities in the western U.S.