Bulk Purchase of Condos Ripe for Retail Sale Process

The condos are across the street from the Paradise Valley Mall and overlook the Stone Creek Golf Course.

PHOENIX—As part of an expansion of a multifamily portfolio, 90 units of a 312-unit upscale community have been acquired for $15 million. San Diego-based Pathfinder Partners LLC acquired the units in Aderra Condominiums at 11640 North Tatum Blvd. in the exclusive Paradise Valley neighborhood. According to Lorne Polger , senior managing director of Pathfinder Partners, his firm acquired the condos in a bulk transaction from Real Capital Solutions , which originally purchased 155 units from the project lender. “Our immediate plans are to implement comprehensive exterior and interior upgrades, and then launch a retail sales program. We will also be bringing new model units online within the next few months.” Aderra, built in 2008, is situated on eight acres across the street from the Paradise Valley Mall and overlooks the Stone Creek Golf Course . Aderra is comprised of 15 three-story buildings with one- and two-bedrooms condos ranging from 811 to 1,284 square feet. Polger noted the community is a good investment for multiple reasons. “The property’s outstanding location, our ability to purchase the property at a significant discount to replacement cost and the fact that Aderra is one of the only upscale condo communities in the Paradise Valley area were all key factors in our decision to invest here,” Polger said. “We were also impressed by the property’s relatively new construction, extensive amenities and proximity to restaurants, entertainment and shopping. In addition, Phoenix continues to show strong population and job growth, which creates strong demand for housing.” Aderra features an array of amenities, including open-concept floor plans, gourmet-equipped kitchens, stainless-steel appliances, full-size washers and dryers, gas fireplaces, an underground parking garage, fully equipped fitness center, a pool and spa, and direct golf course access. The project is pet friendly and within walking distance to numerous dining and shopping options. Polger tells GlobeSt.com: “At Pathfinder Partners, we get very granular about our investments and dig deep into submarket demographics and trends. We liked what we saw in the Paradise Valley submarket and the Aderra project. It’s an affordable community with significant amenities and high-build quality. Owners will generally pay less on their mortgage than they would pay in rent. It has a high walkability factor, something that is not very common in the broader Phoenix market. Anytime you have the opportunity to buy a quality project in a quality area at well below replacement cost, you should jump on it, which is what we did here.” John Cunningham  and  Charles Steele  of  Jones Lang La Salle  were the brokers on the transaction.