Lease-up Nearly Completed at New San Diego North County Community

Pathfinder Partners has completed construction on Creekside Apartments – a new 41-unit multifamily community in Vista, Calif. – retaining San Diego-based Sunrise Management to oversee all marketing/branding, leasing and day-to-day operations.

According to Matt Quinn, vice president of Pathfinder Partners, his firm partnered with Silvergate Development to develop the complex – located just north of San Diego – which has resort style amenities including a high-end club house and lounge and an outdoor area complete with barbecues, fire pit and complimentary Wi-Fi. Pathfinder, which specializes in opportunistic real estate investments, acquired the 1.5-acre parcel in November 2016 and began construction in 2017.

Now leasing, the community features beautifully appointed units – with open concept floor plans – ranging in size from 480 to 1,135 square feet with studio, one- and two-bedroom options. All homes have washer/dryers, wood-style plank flooring, quartz countertops, floor-to-ceiling windows and amply sized kitchens with energy efficient stainless steel appliances. Conveniently located near the 78 Freeway, the community is close to California State University San Marcos, Legoland, The San Diego Zoo Safari Park and much more. The property is located within the Vista Village Shopping Center, next to Frazier Farms Market with direct access to the adjacent creek and walking trails. 

Melissa Deen, vice president of marketing for Sunrise Management, noted Creekside has generated much interest and is now 75 percent leased. She attributes much of the community’s appeal to its ideal location near downtown Vista. “Vista has focused on revitalizing its downtown core, investing in many improvements, which has been a boon for the multifamily industry here,” she said.

132-Unit Creekside Village Apartment Community Purchased for $29 Million

Continuing the expansion of its multifamily value-add platform, San Diego-based Pathfinder Partners has acquired Creekside Village Apartments – a 132-unit multifamily community at 3100 Falk Rd. in Vancouver, Wash. – for $29 million from an affiliate of the ConAm Group.  

Constructed in 1992, the 12.08-acre project consists of 15 two-story residential townhome buildings, four three-story residential buildings and a one-story building, which houses the clubhouse, leasing office and fitness center. 

According to Lorne Polger, senior managing director of Pathfinder Partners, Creekside Village – a short drive from Portland, Ore.  – meets his company’s criteria of making opportunistic investments in strong, mid-tier cities in the western U.S. “Vancouver is a highly popular community in the greater Portland metropolitan region, an area which we believe is poised for significant growth in the next several years,” he said. “Additionally, we were attracted to the property’s central location – just five minutes from both 1-5 and 1-205 and downtown Vancouver and ten minutes to Portland International Airport and  Portland’s trendy eastside.” 

Polger says multiple improvements are planned for the property, including “upgrades to the exterior, common areas and unit interiors, which we believe will allow us significant value-add opportunities.” 

The community is comprised of 48 two-bedroom/two-bath units, 12 two-bedroom/two-and-one-half bathroom townhome units and 72 three-bedroom/two-and-one-half bathroom townhome units averaging 1,293 square feet – large by traditional multifamily standards. Creekside Village also features covered parking, a hot tub and swimming pool, direct access garages in 84 townhome units and a children’s playground.

Financing was provided by Brian Eisendrath and Cameron Chalfant of CBRE Capital Markets.