San Diego-Based Private Equity Firm Acquires Apartment Community
Chestnut Ridge features an attractive mix of spacious studio, one and two-bedroom apartments near multiple employment hubs such as the Denver Tech Center and Fitzsimons Medical District. Recent improvements to the property include the and enhancements to the clubhouse, all common area amenities, and upgrades to the exterior and outdoor areas.
“Chestnut Ridge offered an excellent opportunity to acquire a strong performing asset with upside potential in a highly coveted suburban location in a market poised for future population, job and rent growth,” added Mr. Siegler. “Chestnut Ridge is a perfect example of the attractive, income-generating multifamily properties in the Income Fund’s pipeline.”
To date, the Fund has acquired 11 properties with a total of 1,279 units across four markets in the western U.S. (Sacramento, San Diego, Phoenix, and Denver). Since its founding in 2006, Pathfinder has acquired or sold more than 135 properties with a total value of more than $1 billion.
“Across real estate asset classes, private multifamily real estate funds are perhaps best positioned to address both the near-term inflation worries and longer-term opportunities for growth,” said Mitch Siegler, co-founder and senior managing director of Pathfinder. “Even if inflation isn’t an issue, due to the ongoing housing supply/demand imbalance in the U.S. and the availability of low-cost debt, multifamily properties offer a low-risk, income-generating real estate investment, as well as an alternative to the bond market – one that can generate alpha more consistently.”