San Diego-based Pathfinder Partners sold the Florera Condominiums in Greenlake for $12,681,576.26 to a Bellevue-based entity called GL 413 Investment LLC.
Pathfinder Partners purchased the building in 2013, making it the firm’s fifth purchase in the Seattle area. In a press release, Pathfinder said Florera is a 64-unit building with 59 residential units and five ground floor commercial units. The complex is a four-story, 37,000 square foot mixed-use condominium project in Seattle’s Greenlake neighborhood. The building also includes fireplaces in most units, balconies for all units, a second level courtyard, rooftop terrace, community garden plots and a common area equipped with a kitchen.
In the same release, Lorne Polger, managing director of Pathfinder Partners, said “Pathfinder acquired 45 residential units in a lender approved, third party-facilitated short sale. We plan to keep the units as rentals and may sell individual condominiums in the future.”
According to a Pathfinder report, the building was completed in 2007 and was meant as for-sale condominiums but sales for the property were impacted by the Great Recession, and the lender foreclosed in 2013 after the developer sold only 14 of the condos. Florera includes five studios, 29 one-bedroom units and 13 two-bedroom units. The developer of Florera, Pryde + Johnson reintroduced the condos for sale at up to 35 percent off in 2010.
