Pathfinder Acquires Low-Density Complex in Off-Market Deal
Newmark arranged the $31.6-million, off-market sale and $18.6-million acquisition financing for San Carlos Village, a 160-unit multifamily community located at 7707-7787 Tommy St. in San Diego. Senior managing director Erik Anderson represented the buyer, Pathfinder Partners, a San Diego-based real estate investment firm.
The seller, EFRSCV LLC (heirs of the original developer), was represented by Greg Gorsuch of Chamberlain Property Management. Vice chairmen Robert Younkin and Garrett Meyers of Newmark’s Debt & Structured Finance group arranged a Fannie Mae loan to facilitate the acquisition.
“We are proud to have supported Pathfinder Partners on this off-market opportunity in one of San Diego’s most resilient and high-demand submarkets,” said Anderson. “Their expertise and robust value-add platform will ensure this is a top-tier asset in the marketplace for years to come.”
Originally developed in 1980, San Carlos Village is a low density, sprawling complex spanning over 7.3 acres at the base of Cowles Mountain. It will be renamed Cowles Landing under new ownership.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout