PORTLAND, OR – Pathfinder Partners, a San Diego-based private equity firm specializing in multi-family home investments, announced the acquisition of East of Eleven Apartments in Portland, Oregon for $ 22.3 million. The investment was sourced from Pathfinder Partners Opportunity Fund VIII, L.P. (Fund VIII), which was launched in 2020 to make opportunistic multi-family investments due to the pandemic.
East of Eleven is a mid-rise property with 84 units built in 2019. The property is located in the coveted Buckman submarket, which is known for its tree-lined streets, eclectic shops and trendy bars and restaurants. While letting activity has been in dire straits due to the high vacancy rate during the pandemic, letting activity has accelerated in recent months with an occupancy rate of almost 85%.
"We believe properties like East of Eleven offer an excellent long-term opportunity that will work well with our Fund VIII portfolio," said Mitch Siegler, Co-Founder and Managing Director of Pathfinder. "This is a sought-after, high-energy, lively neighborhood, combined with world-class amenities that provide tenants with the amenities they want while also giving our investors the opportunity to participate in the recovering markets in a post-pandemic environment."
East of Eleven amenities include underground parking, an elevator, indoor and outdoor communal space, bike storage, a pet wash station, and secure access, among others. Units have quartz countertops, vinyl plank floors, stainless steel appliances, high-end washer / dryers, and air conditioning, an unusual feature in most Portland apartment buildings.
In addition to Portland, Fund VIII invests in Seattle, Sacramento, San Diego / Southern California, Phoenix and Denver.
Source: Pathfinder partner
