LAS VEGAS, NV - Pathfinder Partners, a San Diego-based firm specializing in opportunistic real estate investments, has acquired Tierra Bella, an 89-unit apartment community located at 10620 Alexander Road in Las Vegas, Nevada.
According to Lorne Polger, senior managing director at Pathfinder, the company purchased the property for $12.5 million from the real estate-owned ("REO") department of a financial institution. The lender had foreclosed on a large portfolio of assets in 2009, including Tierra Bella and several additional properties in Las Vegas, and had recently begun the disposition of these properties. Tierra Bella was the second-to-last property to be sold.
"We plan to modernize and rebrand the property to create a greater sense of community through extensive common area improvements and interior renovations," Polger said. "The community's attractive architecture and quiet, secluded location - in close proximity to the award-winning Summerlin master-planned community and the Lone Mountain recreational areas - made Tierra Bella a compelling investment opportunity. Furthering its appeal, said Polger, is the region's robust economy and multifamily demand. "Las Vegas continues to demonstrate strong market dynamics with solid population and job growth and an increased demand for renovated, newer-vintage apartments."
Built in 2003, Tierra Bella consists of 13 buildings with 16 one-bedroom, one-bath units, 50 two-bedroom, two-bath units and 32 three bedroom, two-bath unit apartments. There are a shortage of three-bedroom units in the submarket. Interior amenities include full-size washers and dryers, private patio/balconies and vaulted ceilings. Units range from 772 to 1,204 square feet and average 1,061 square feet.
The deal was brokered by the Las Vegas office of ARA Newmark.
In 2016, Pathfinder acquired 39 of 83 units in Park House Condominiums near Summerlin and 64 of 409 units in The Sky Condominiums on Las Vegas Blvd.