SAN DIEGO, CA, January 15, 2014 /24-7PressRelease/ -- Marking the company's 10th Colorado acquisition, San Diego-based Pathfinder Partners, LLC has purchased King Lofts - a newly constructed, three-story, 18-unit condominium building above 2,700 square feet of ground-floor retail space - located at 3451 West 38th Avenue in Denver's West Highland neighborhood. Pathfinder partnered with Denver-based The Craft Companies, LLC on the acquisition.
King Lofts was developed in 2008 as a condominium project and underwent a foreclosure sale in 2012 before any units were sold. Pathfinder purchased the project, which is now 100% leased from the successor owner for $4.25 million.
Consisting of six one-bedroom, ten two-bedroom and two loft units ranging from 863 to 1,330 square feet, the property also contains a secure, ground level parking garage. The ground floor retail space is fully leased to two tenants - a salon and a Pilates studio.
Lorne Polger, senior managing director of Pathfinder Partners, said the property was appealing for multiple reasons. "We like Denver's diversified economy and significant population and employment growth as well as King Lofts' ideal center-city location and proximity to shops and restaurants. The project also provides dual exit strategies - in the future, we can sell individual condominiums or market the property as a stabilized rental community," Polger said. "The property's creative, contemporary architectural elements and condominium-level interior finishes make it a unique and appealing rental option for the neighborhood."
Pathfinder will continue to operate King Lofts as a rental community for the immediate future and plans to rebrand and rename the property in conjunction with completing several common area improvements - including adding a rooftop sky-deck.
Pathfinder has made nine other acquisitions in Colorado during the past several years, including The Wellshire Arms, a 107-unit apartment building in Denver's Observatory Park neighborhood; the Blake 27 row home project near Coors Field; the Village at Hilltop townhome project near Cherry Creek; Hunters Chase, a condominium project in Parker; the Garrison Park business center in Lakewood; the Grant Street Mansion in downtown Denver; and a portfolio of condominiums, townhomes and finished lots acquired from the REO department of a commercial bank.
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 defaulted loans, with a focus on properties in major markets in the western U.S. In addition to seeking opportunities to add value by providing liquidity to selling financial institutions, Pathfinder also seeks to maximize value through property enhancements, improvements in operations, marketing and property positioning and other strategies. For more information, visit http://www.pathfinderfunds.com or contact Lorne Polger at firstname.lastname@example.org or 858-875-4450.
About The Craft Companies, LLC
The Craft Companies is a Denver-based real estate acquisition, development and management firm specializing in unban residential and mixed-use projects and master-planned communities. The company was founded by Tim Craft in 2005. Visit http://www.craftcompaniesllc.com.
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