Opportunistic SoCal Investor Bags Boulder Apartments
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San Diego-based Pathfinder Partners ponied up $24M for two adjacent multifamily communities totaling 82 units in Boulder. "Boulder's an extremely supply-constrained market with considerable barriers to entry, and the opportunity to purchase apartment projects that haven't been renovated is quite rare,” Pathfinder senior managing director Lorne Polger (left) said.
Demand is strong in Boulder, and probably will get stronger, Polger said. “The community is positioned for even further growth with Google opening a new campus in Boulder later this year, which will add an estimated 1,500 jobs.”
Pathfinder’s acquisition includes Villa Del Prado (above), 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 at 565 Mohawk Drive.
Polger said besides providing opportunities to add value, the properties contain some of the largest apartments in the area. "We plan to renovate the interiors, upgrade the amenities and incorporate many green features.”
Patherfinder is no stranger to Colorado, having done 13 acquisitions and nine dispositions since 2009. In recent years, Pathfinder acquired a 27-acre parcel in Longmont — the former Butterball Turkey processing plant — and a 47k SF commercial project on Walnut Street in Denver’s RiNo district, both of which are being redeveloped.