San Diego Firm Buys Kirkland Condo Complex

San Diego-based Pathfinder Partners, a private equity firm specializing in buying distressed properties at low prices, has purchased the 29-unit Chelsea Courte II condominiums in the Totem Lake area, according to a company press release.

The purchase was completed last month through a $9.5 million senior note purchase secured by a first trust deed. The purchase also includes a 2.28-acre vacant parcel adjacent to the complex, the company said. The complex is at the end of Totem Lake Way, overlooking Totem Lake itself, and was built in 2007.

“Our focus is on acquiring real estate notes and properties at attractive pricing in desirable communities that will afford us superior returns,” Mitch Siegler, Pathfinder managing director, said in the press release. “Following the foreclosure, we plan to do some interior work, address deferred maintenance issues and operate the property as a rental community.”

However, Siegler said selling individual units or selling to a condo-conversion specialist are possibilities. For details about Pathfinder and the property, click here.