Nathaniel M. Pulsifer — Investments and Interests

Riverwood

The Riverwood is an ambitious purchase of 171 units in Grants Pass, Oregon.

The property is a classic case where the sum of its parts is worth more than the whole.

Built in phases from 1991 to 2001, the 171 units broke down to 120 units of quality apartments, 30 units of townhomes suited to single family ownership thru condo conversion, and 16 units of 2001 era apartments that are also better suited to individual ownership. An additional 4 units plus a single family home rounded off the project.

The property was acquired in June, 2007, and work commenced immediately on needed and overdue capital improvements to the 120 unit, including siding, landscaping, paint, and interior improvements. This work was largely complete by May 2008.

Simultaneously, the condo conversion of the 16 and 30 unit properties commenced in the fall of 2007, and was complete by April, 2008, and included phase 1 of 2 phases of exterior work on the 30 units, plus interior improvements.

With 2 units closing upon condo conversion recordation, the market confirmed our believe in the desirability of these units.

By September 2008, however, with the credit crisis in full swing, the real estate market in turmoil, and residential lending disrupted, the retail sales activities of the Riverwood were temporarily suspended until better times.

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Patagonia Preserve

Patagonia Preserve, Patagonia Arizona

In horizontal land developments, my values include community enhancing amenities and natural conservation features attractive to the Baby Boom generation.
For example, in Patagonia Arizona, the former Lazy R.R. ranch, which I purchased with partners in 2005, is ideally located on the edge of an eclectic town with dramatic mountains and authentic ranching traditions, a great coffee shop, and world class bird-watching, but is just 1 hour from Tucson International Airport and the renown Tucson medical facilities.

In this case, the property was valued on its agricultural capacity, not its recreational or development value. The business plan prior to my sale of my interest in the development was to unlock added recreational and development values by sensitive development combined with conservation easements.

The conservation of land not only saved habitat and open space for the community, but also enhanced values for buyers- a classic double bottom line.

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Sunflower Management

October 30, 2009

Sunflower was a wonderful business experience. As an owner operator and buyer of apartments, property management was a necessity for Nathaniel Pulsifer.
Pulsifer acquired a portfolio of management contracts from friend and mentor Buck Blessing in 2005, and started Sunflower Management from that core. This jump from self management to third party management and small busienss [...]

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Meadow Wood Condos