Press Release (ePRNews.com) - SAN DIEGO - Feb 02, 2017 - Pathfinder Partners, a San Diego-based firm specializing in opportunistic real estate investments, has acquired two adjacent multifamily communities totaling 82 units in Boulder, Colorado, for $24 million.
Pathfinder’s acquisition includes Villa Del Prado, a 50-unit apartment community with three two- and three-story buildings built in 1974 at 635 Mohawk Drive and Chateau at Villa Del Prado, a 32-unit apartment community with four two-story buildings constructed in 1968 and located at 565 Mohawk Drive. Villa Del Prado has a parking garage, indoor pool, spa, sauna and clubhouse, while Chateau has parking and a covered pool.
According to Lorne Polger, senior managing director of Pathfinder Partners, the project was purchased from a Boulder-based real estate investment company. “Boulder is an extremely supply-constrained market with considerable barriers to entry, and the opportunity to purchase apartment projects which have not been renovated is quite rare,” he said. “In addition to providing opportunities to add value, these properties contain some of the largest apartments in the area. We plan to renovate the interiors, upgrade the amenities and incorporate many ‘green’ features.”
The communities are situated on 3.9 acres, comprising two studio apartments, 12 one-bedroom/one-bathroom units, eight one-bedroom/two- bathroom units, 56 two-bedroom/two-bathroom units and four three-bedroom/two-bathroom units averaging 1,128 square feet.
“There is considerable demand for rental housing in Boulder, which has experienced an economic boom in recent years leading to an increase in average household income, home values and rental rates,” Polger said. “The community is positioned for even further growth with Google opening a new campus in Boulder later this year – adding an estimated 1,500 jobs.”
Pathfinder has been actively investing in Colorado – with 13 acquisitions and nine dispositions since 2009. During the past several years, Pathfinder has acquired a 27-acre parcel in Longmont – the former Butterball Turkey processing plant – and a 47,000-square-foot commercial project on Walnut Street in Denver’s RiNo district, both of which are being redeveloped, as well as The Shores at Breckenridge, where it is building and selling 40 luxury homes.
The transaction was brokered by the Colorado office of ARA Newmark.
About Pathfinder Partners, LLC
Headquartered in San Diego, Pathfinder Partners was founded by Lorne Polger and Mitch Siegler 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. For more information on the firm or Pathfinder Partners 2017 Multifamily Opportunity Fund, visit www.pathfinderfunds.com or contact Lorne Polger at email@example.com or 858-875-4450 (tel:(858)%20875-4450) or Mitch Siegler at firstname.lastname@example.org or 858-875-4455 (tel:(858)%20875-4455). Source :