Pathfinder Partners, LLC, a San Diego based firm specializing in opportunistic real estate investments, has closed the sale of The Wellshire – a 103,000-square-foot, 12-story, 107-unit apartment community in Denver, Colorado. The property was acquired by an affiliate of San Francisco-based Seagate Properties, Inc.
According to Lorne Polger, senior managing director of Pathfinder, his firm and partner Bruckal Properties, Inc., purchased the Wellshire Arms Apartments, in May 2012. “We acquired the property – which was built in 1962 – from the family of the original developer and then undertook a major renovation, rebranding it The Wellshire.”
The $2.5 million capital improvement program included transforming the mid-century building into a contemporary high rise, and included redoing the façade, renovating the lobby and entryway, upgrading the balconies, refurbishing dozens of unit interiors and adding high-end community amenities, among them a health club and a roof-top deck.
Polger noted that the property is the only building of its height in the immediate area, the result of a grandfathered-in multi-level zoning advantage. As a result, he said, “units on both sides of the building have permanent, unobstructed mountain and city views.”
The Wellshire is located in a prime, central-Denver area near the University of Denver. Units average 980 square feet and feature wrap-around balconies designed to fully capture the panoramic city and mountain views.
The Denver based ARA multifamily team – led by Terrance Hunt and Andy Hellman – brokered the transaction.
About Pathfinder Partners, LLC
Headquartered in San Diego, California, Pathfinder Partners was founded by Lorne Polger and Mitch Siegler in 2006 to make opportunistic investments in distressed real estate assets and defaulted loans. Since its inception, Pathfinder has acquired notes and properties with original loan balances in excess of $675 million in more than 65 separate transactions. In addition to seeking opportunities to add value by providing liquidity to selling financial institutions, liquidating funds and long-standing owners, Pathfinder also seeks to maximize value through property enhancements, improvements in operations and marketing, property repositioning and other strategies. For more information, visit www.pathfinderfunds.com or contact Lorne Polger at (858) 875-4450.
About Bruckal Properties, Inc.
Bruckal Properties is a Canadian-based real estate investment company focused on U.S. multi-family repositioning opportunities. They specialize in identifying and executing added value opportunities with strategic capital partners. Myles Bruckal, the group’s Principal, is joined by sons Steven and Jason in the family’s operations. The firm’s most recent acquisitions have been in Denver and Phoenix. For more information, contact Myles Bruckal at 602-510-0381.