Pathfinder Partners Acquires Colorado Independent Living Community for $16 Million
San Diego-Based Firm to Invest $3 Million in Renovations.
- San Diego, CA (1888PressRelease) June 13, 2017 - Pathfinder Partners, a San Diego-based firm specializing in opportunistic and value-add real estate investments, has announced the $16 million acquisition of a 104-unit independent living community within the Shalom Park Senior Living Campus at 5240 Park Circle, Aurora, Colo. Pathfinder partnered with Hillcrest Development Group, LLC, a Denver-based company with experience in operating senior communities, on the acquisition.
The community, which Pathfinder will rebrand as V-Esprit, is situated on approximately 15 acres and includes 104 units consisting of 60 apartments and 44 patio homes averaging 1,050 square feet. The property was acquired from the Shalom Park, the Colorado not-for-profit organization which owns the balance of the Shalom Park Senior Living Campus. V-Esprit residents will have shared use of the campus amenities including the wellness center, exercise facilities, salon, bistro, swimming pool and spa.
According to Mitch Siegler, senior managing director of Pathfinder Partners, his firm is planning a $3 million renovation of the community, to include converting four of the one-bedroom apartment units (leaving 100 units in total) into a clubhouse and cardroom and renovating and modernizing the theater room, library, communal dining area and leasing office. Pathfinder also plans to renovate the apartment interiors to include new hard surface countertops, flooring, cabinets and appliances and updating all finishes, fixtures and paint.
Siegler noted the property marks his company’s first senior living acquisition and was an appealing buy on multiple levels. “The community is ideally located in a beautiful, peaceful setting just 15 miles south of downtown Denver. Colorado continues to be a highly desirable sub-market for Pathfinder, and V-Esprit represents another terrific value-add investment opportunity.”
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 Mitch Siegler at msiegler ( @ ) pathfinderfunds dot com or 858-875-4455 dot
About Hillcrest Development Group, LLC
Hillcrest Development Group, a locally owned and operated development company, was established in 2013 by Colorado real estate investors Christopher Owens, David Edwards, Brian Bair, Richard Yarr and Peter Torrens. With 150 years of combined real estate experience, Hillcrest employs a resident-oriented management style, providing the best possible service to residents, owners, investors and lenders.
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