SAN DIEGO–(BUSINESS WIRE) – Pathfinder Partners, a San Diego-based private equity firm specializing in multi-family real estate investments, announced today that it has acquired Hiawatha Apartments in Seattle, Washington for $ 28.7 million. Pathfinder made the investment through Pathfinder Partners Opportunity Fund VIII, LP, an opportunistic fund focused on multi-family investments in the western United States
Located 2 miles south of downtown in the up and coming Jackson Place neighborhood, Hiawatha Apartments offer spectacular views from all directions. The location, surrounded by parks and walkways, also provides easy access to major highways and corporate headquarters of Amazon, Starbucks, Zillow, Boeing, Alaska Airlines, and Nordstrom.
“Seattle remains a strong market with an ever-increasing demand for housing,” said Lorne Polger, co-founder and chief executive officer of Pathfinder. “The acquisition of Hiawatha is in line with our strategy of investing in well-located homes in resilient cities like Seattle. Pathfinder Opportunity Fund VIII, launched in 2020 to capitalize on the pandemic-induced plight due to the pandemic, has now acquired three newly built apartment properties in Portland and Seattle, markets we expect to see strong post-pandemic rebound.
Built in 2014, Hiawatha consists of 100 units including a mix of studios and one and two bedroom units. Hiawatha Apartments offers a modern appearance in a pedestrian-friendly, urban location. Recent upgrades include stainless steel appliances, quartz countertops, new floors, and high-end fixtures. Improvements in public areas include lobby renovations, bicycle storage, secure parking, an updated security system, a car charging station, and rooftop terraces.
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.
Via Pathfinder partners
Pathfinder Partners, headquartered in San Diego, was founded by Mitch Siegler and Lorne Polger in 2006 to provide opportunistic, value-adding real estate investments. Pathfinder has acquired or sold $ 1 billion in real estate since its inception and currently manages over $ 750,000,000 in real estate assets, primarily income generating, multi-family properties in six mid-sized western cities. For more information on the company or the Pathfinder Partners Income Fund, LP, visit pathfinderfunds.com.