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Tuesday, Sep 27, 2022

Pathfinder’s Projects Are Being Built All Around County

San Diego’s Pathfinder Partners has just finished construction of Creekside Apartments adjacent to the Vista Village shopping center in Vista and has nearly finished a second Vista apartment project at Melrose Drive and Breeze Hill Road.

The company also is building for-sale townhome projects in Chula Vista, and has a development going in Ramona.

“If you can find land and it’s entitled or you can get it entitled, it has value, it’s attractive because there’s so little of it,” said Mitch Siegler, senior managing partner of Pathfinder Apartments.

Built at a cost of about $12 million, Creekside Apartments has 41 apartments ranging from 480 square feet to 1,135 square feet in a mix of studio, one bedroom and two-bedroom units.

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Rents range from about $1,700 to about $2,500, Siegler said.

Vista is a strong market for apartment construction because of its proximity to employment centers in Carlsbad and Sorrento Valley with easy freeway access, Siegler said.

Creekside Apartments is in a particularly attractive location because there’s a park with a creek running through it behind the apartments and the shopping center almost at the front door.

“You really have the feel when you’re in these units of being in nature. It’s an urban environment with some nature on the other side,” Siegler said. “You can walk to the grocery store and lots of retail and you’ve got a creek. It’s not your typical Mission Valley or generic apartment building.”

Pathfinder Partners partnered with Silvergate Development in building Creekside Apartments. Investors such as Pathfinder Partners are keen on San Diego’s apartment market, with the overall sale of properties priced at $5 million or more topping $746 million in the first quarter of 2019, according to a recent report from Cushman & Wakefield.

By comparison, overall apartment sales in the first quarter of 2018 were $137 million and $141 million in the first quarter of 2017.

Total annual sales activity has been above the 17-year long-term average of $1.6 billion for the last four consecutive years, the firm said.

Private investors accounted for most of the sales — a trend Cushman & Wakefield said started 10 years ago and is likely to continue.

Central County had the most sales in the past 12 months with 190 transactions worth a total of $1.1 billion.

The Highway 78 corridor in North County came in a distant second in sales volume with 46 properties sold for a total of $632,628,996.

Along with its new construction developments in San Diego County, Pathfinder Partners has been actively acquiring apartment complexes elsewhere.

Recent acquisitions include the May 2019 purchase of a132-apartment complex in Vancouver, Wash., for $29 million, the July 2018 purchase of a125-apartment complex in the Seattle-Tacoma area for $18 million .


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