Renovated Apartment Community in Thornton Sells for $38.5M

Hadley Apartments, courtesy of Pathfinder Partners.

Pathfinder Partners, a San Diego-based private equity firm specializing in multifamily real estate investments, announced this week the sale of Hadley Apartments in Thornton, to an undisclosed buyer, for $38.5 million.

Hadley is a 140-unit multifamily community with a mix of one and two-bedroom apartments averaging 760 square feet. Since acquiring the property in 2017, Pathfinder has added value through renovating and rebranding the property. Renovations included new flooring, cabinets, stainless steel appliances, quartz countertops, and new paint, finishes, and fixtures. Pathfinder also completed significant upgrades to the landscaping and common area amenities, including the clubhouse, yoga area, dog park and pool.

“The Hadley investment exemplifies Pathfinder’s opportunity fund strategy of identifying investment opportunities in resilient, growing markets like Denver and increasing the value through renovations and upgrades, rebranding and improving management,” said Lorne Polger, co-founder and managing director of Pathfinder Partners. “When we acquired the property, Denver was experiencing strong population and job growth which only intensified during and following the pandemic. Several years ago, Amazon began constructing a 2.4 million-square-foot distribution facility in Thornton that we believed would drive increased demand for housing in the area. Our occupancy and rent growth trends have been very strong, and investment returns well exceeded initial expectations.”

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 exposure to real estate that our funds provide as well as the low-risk profile, solid cash flow, and attractive total returns,” said Mitch Siegler, co-founder and managing director of Pathfinder“Throughout these challenging times, we have stayed true to our core principles, positioning Pathfinder and our investors for continued success.” 

The Hadley transaction was brokered by Andy Hellman and Justin Hunt of CBRE’s Denver office.

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