Local real estate investment firm Pathfinder Partners LLC has acquired Tuscan Townhomes, a 63-unit luxury leased residential development in Riverside, for $10.5 million.
A statement from the San Diego-based company said Pathfinder and its local operating partner, Stratford Partners, also plan $240,000 in renovations to the townhomes’ interiors and common area amenities.
Tuscan Townhomes, a gated community, was completed in 2009 and is fully leased. Pathfinder senior managing director Lorne Polger said the purchase represented “an attractive investment in an appealing location,” and the buyers were able to purchase the project at significantly below replacement cost.
The Riverside purchase marks the latest of several developments purchased by Pathfinder since its 2006 inception. The company has acquired more than $500 million in defaulted commercial real estate loans and distressed properties in California and six other states.