SAN FRANCISCO, CA (NOVEMBER 2018) — Travis Pacoe and Ron Abta, principal investors and managers of multifamily properties in the mid-western and central United States, have sold Fireside Apartments in Colorado Springs, CO. This sale is the seventh full-cycle capital event of their current portfolio – properties acquired, improved and then sold.
“Fireside was essentially a distressed asset when we purchased it in 2012, with significant deferred maintenance and a challenging resident profile. It required the investment of considerable capital into the property to improve the resident experience and operations in general. We increased income to the point that, in late 2014, we were successful in extracting 98% of our total equity investment through a refinance,” noted Travis Pacoe, managing general partner of Polaris Real Estate Partners. “Ultimately, we sold Fireside for 3.4 times what we paid. We are planning to complete a 1031 exchange with the proceeds, allowing our Fireside investors to defer capital gains taxes while additionally providing equity in a new investment for non-trading investors who wish to join us.”
Polaris Real Estate Partners specializes in multifamily investment in the mid-western and central United States, with its principals collectively holding 40 years of direct real estate investment experience and approximately 3,100 units currently under ownership and management. The company and its principals have acquired multifamily properties, warehouses, manufacturing facilities and retail properties as well as improved and unimproved land throughout the United States. Polaris Real Estate Partners is currently seeking projects 200 to 500 units in size as well as portfolios up to 1,000 units in the mid-western and central U.S.