Pathfinder Partners Completes $38.5 Million Sale of Hadley Apartments

Hadley Apartments

Property in Denver Suburb of Thornton underwent Extensive Renovations and Rebranding

SAN DIEGO (December 1, 2021) – Pathfinder Partners, a San Diego-based private equity firm specializing in multifamily real estate investments, today announced the sale of Hadley Apartments in Thornton, Colorado, to an undisclosed buyer for $38.5 million.

Hadley is a 140-unit multifamily community located just nine miles north of downtown Denver, with
a mix of one and two-bedroom apartments averaging 760 square feet. Since acquiring the property in 2017, Pathfinder has added value through renovating and rebranding the property. Renovations included new flooring, cabinets, stainless steel appliances, quartz countertops, and new paint, finishes, and fixtures. Pathfinder also completed significant upgrades to the landscaping and common area amenities, including the clubhouse, yoga area, dog park and pool.

“The Hadley investment exemplifies Pathfinder’s opportunity fund strategy of identifying investment opportunities in resilient, growing markets like Denver and increasing the value through renovations and upgrades, rebranding and improving management,” said Lorne Polger, Co-Founder and Managing Director of Pathfinder Partners. “When we acquired the property, Denver was experiencing strong population and job growth which only intensified during and following the pandemic. Several years ago, Amazon began constructing a 2.4 million-square-foot distribution facility in Thornton that we believed would drive increased demand for housing in the area. Our occupancy and rent growth trends have been very strong, and investment returns well exceeded initial expectations.”

Pathfinder has been an active investor in Colorado since 2009. With 135 acquisitions and 104 dispositions to date, Pathfinder also invests in multifamily properties in Seattle, Portland, Sacramento, San Diego and Phoenix.

“Our investors appreciate the exposure to real estate that our funds provide as well as the low risk profile, solid cash flow, and attractive total returns,” said Mitch Siegler, Co-Founder and Managing Director of Pathfinder. “Throughout these challenging times, we have stayed true to our core principles, positioning Pathfinder and our investors for continued success.”

The Hadley transaction was brokered by Andy Hellman and Justin Hunt of CBRE’s Denver office.

About Pathfinder Partners
Headquartered in San Diego, Pathfinder Partners was founded by Lorne Polger and Mitch Siegler in 2006 to make opportunistic and value-add real estate investments. Pathfinder has acquired or sold more than $1 billion of properties since inception and currently has over $750,000,000 in real estate assets under management, primarily income-generating multifamily properties in six mid-tier cities in the western U.S. For more information on the firm or Pathfinder Partners Income Fund, L.P., visit pathfinderfunds.com.

Forward-Looking Statements
Certain statements in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including those regarding the proposed offering of securities and the targeted investment returns and net equity multiple. These forward-looking statements are made only as of the date of this press release and are based on Pathfinder’s current intent, beliefs, plans and expectations. They involve risks and uncertainties that could cause actual future results, performance or developments to differ materially from those described in or implied by such forward-looking statements. Pathfinder undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, other than as required by law.

 

 

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