Continuing its expansion in the San Diego market, local real estate investment group Pathfinder Partners, LLC has partnered with San Diego-based developer, Silvergate Development, LLC, to acquire Little Flower Haven – a 4.1 acre former convent and senior retirement community in La Mesa, in east San Diego County.
According to Mitch Siegler, senior managing director of Pathfinder Partners, the partners plan to develop the site – acquired for an undisclosed price – which is entitled for a 130-unit apartment community, providing much needed housing in a highly desirable, supply-constrained market.
Plans include preserving the most historic part of the existing 1930’s-era mission-style structure, including an existing bell tower and chapel. The remodeled original structure and new east and west wings to be constructed on either side will include 50 apartments and a number of indoor amenities including a recreation room with kitchen and a fitness facility overlooking the exterior decks and pool area. This building will include 39 units served by elevator. In addition to the historic centerpiece of the project fronting La Mesa Blvd., there will be six new three-story residential buildings with convenient tuck under parking, arranged around the outdoor amenities throughout the site.
Siegler noted the development site is appealing on many levels. “The new community will be located two blocks from the charming La Mesa Village, the historical center of the neighborhood and home to numerous restaurants, cafes, boutiques and art galleries,” he said. “Residents will enjoy a walkable, urban community in a family-friendly area just 15 minutes from downtown San Diego and major employment centers.”
The property will have 68 one-bedroom/one-bathroom units, 55 two-bedroom/two-bathroom and seven studios, averaging 777 square feet. Each unit will feature solid surface counter tops, stainless steel appliances, new flooring, in-unit washer/dryers, central heat and air conditioning, and most units will contain a large private patio or balcony. Little Flower Haven will also have a variety of community amenities including a fitness center, swimming pool and spa, BBQs, electric vehicle charging stations, bike lockers, resident storage areas, covered parking and a bark park. Construction is scheduled to begin in the fall of 2018.
A downtown La Mesa landmark, Little Flower Haven was originally a convent and an assisted living facility for the elderly that closed in 2015.
The Little Flower Haven transaction was brokered by Austin Dias from Duhs Commercial, Inc., who represented the buyer, and Eric Knowles from Kidder Matthews, who represented the seller.
Little Flower Haven is Pathfinder Partners’ seventh development project in the San Diego market, with additional projects including Paseo Village Townhomes in Ramona, Bahia Vista I and II Townhomes in Chula Vista, Vista Creekside Apartments and Breeze Hill Apartments in Vista.
About Pathfinder Partners, LLC
Headquartered in San Diego, Pathfinder Partners was founded by Mitch Siegler and Lorne Polger in 2006 to make opportunistic investments in distressed real estate assets and value-add properties. Pathfinder has acquired or sold $1 billion of properties since inception. In addition to seeking opportunities to add value by providing liquidity to selling financial institutions, liquidating funds and fatigued owners, Pathfinder also seeks to maximize value through property enhancements, improvements in operations and marketing, property repositioning and other strategies.
About Silvergate Development, LLC
Silvergate Development is a private, San Diego-based development firm specializing in multifamily development in southern California. Silvergate’s principals, Ian Gill and James Reynolds, have completed over $1 billion of vertical development and have significant experience that integrates real estate development, construction, finance and management. Silvergate has developed or is currently developing multiple apartment projects, ranging from 40 to over 100 units.