San-Diego-based Pathfinder Partners, LLC recently closed on two multi-family transactions in the Kirkland and Phoenix markets.

Mitch Siegler, senior managing director of Pathfinder Partners, said the acquisitions, completed in January from national banks, included a $9.5 million senior note purchase secured by the first trust deed on the 29-unit Chelsea Courte II in Kirkland, and the purchase, from a receiver, of the 21-unit Shorewood Apartment complex in Phoenix.

“Our focus is on acquiring real estate notes and properties at attractive pricing in desirable communities that will afford us superior returns,” Siegler noted.

Chelsea Courte II is is comprised of recently built, two-bedroom, two-bath condominiums, some with dens. The purchase also includes a 2.28-acre vacant parcel adjacent to the complex.

“Following the foreclosure, we plan to do some interior work, address deferred maintenance issues and operate the property as a rental community,” Siegler said, although selling individual units or selling to a condo conversion specialist are also potential exit strategies.

The other acquisition, Shorewood Apartments, is located in the “uptown” neighborhood of Phoenix, just north of downtown and near a light rail station.

For more information about Pathfinder Partners, visit www.pathfinderfunds.com.