ICSC: Denver Goes to Vegas
Snapped at ICSC RECcon this week: Pathfinder Partners senior managing director Lorne Polger, with childhood chum Neil Oberfeld of Greenberg Traurig. Pathfinder, along with partner Bruckal, recently sold the 107-unit Wellshire to S.F.-based Seagate Properties. They bought the property, a 1960s-vintage Denver apartment tower, in 2012 and promptly improved it to the tune of $2.5M in capital investments. ARA’s Terrance Hunt and Andy Hellman brokered the deal, and Neil worked as an attorney for Pathfinder on it.
Lorne tells us that Denver multifamily cap rates are at historic lows. Of course, he adds, interest rates and cap rates could decline further from here, “but we felt we'd added most of the potential value to the Wellshire and this was a pretty good time for us to take a few chips off the table.” (Vegas is wearing off on these guys.)
Also snapped at RECon: Brad Cohen and Larry Thiel of Transwestern’s Denver Investment Sales Group. Recently the duo repped the seller of Hilltop Plaza, a 25k SF mixed-use office and retail property in Boulder. Larry tells us that Boulder’s University Hill is a supply constrained market for retailers targeting the college-aged demographic.