Pathfinder Partners Completes $29.5 Million Sale of The Harrison Apartments
Pathfinder Partners, a San Diego-based private equity firm specializing in multifamily real estate investments, today announced the sale of The Harrison Apartments, a 119-unit multifamily community in Aurora, Colorado, for $29.5 million.
The Harrison, a 119-unit property located at 12000 East Kansas Drive, offers 1- and 2-bedroom units. Since their purchase in 2018, Pathfinder repositioned and rebranded the community, which underwent comprehensive interior renovations, including new flooring, fixtures, finishes and countertops, stainless steel appliances, and fresh paint. Pathfinder also completed significant upgrades to the landscaping, constructed a new perimeter fence with controlled-access gates, and added a dog park and an outdoor game area to the community's amenities that include an indoor heated pool, clubhouse and a 24-hour fitness center.
"Harrison's returns exceeded initial expectations and occurred in just three years compared with our planned five-year holding period. This investment is a great example of our strategy to identify opportunities to invest in and increase the value of multifamily properties by renovating, upgrading, and improving management while maintaining affordable rents," said Lorne Polger, Co-founder and Managing Director of Pathfinder Partners. "The Harrison investment exemplifies the sound nature of our strategy to provide accredited investors with institutional-quality investment opportunities and exposure to real estate."
Located in Aurora in the Denver metro area, the community is within the top-performing Cherry Creek school district and provides easy access to area employers, shopping centers, and over 100 city parks. The Aurora submarket enjoys high demand for apartments because of its central location between downtown Denver, the Denver Tech Center and Denver International Airport ? three of Denver's largest employment centers.
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 low risk profile, solid cash flow, and superior returns our funds provide," said Mitch Siegler, Co-founder and Managing Director of Pathfinder. "While these have been challenging times, staying true to our core principles and the strategies we pursue has positioned our investors and us for success."
Andy Hellman and Justin Hunt of CBRE's Denver office brokered the transaction.
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.
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