Pathfinder, Meriwether JV to Acquire Luxury Colo. M-F Community
- Jul 01, 2014
Pathfinder Partners, L.L.C. has teamed with the Meriwether Cos. to acquire The Shores at Breckenridge, a planned 20-building community on the banks of the Blue River in Breckenridge, Colo.
When complete, the Shores will consist of 56 luxury attached homes ranging in size from 2.400 square feet to 2,600 square feet. The original developer, Mesa Development, built the first 14 homes in 2012, and construction on the remaining homes will begin in July.
“We were attracted to a few things. It was an entitled, shovel-ready project that was partially constructed. So there was some standing inventory in place,” Mitch Siegler, Pathfinder Partners’ senior managing director, told Commercial Property Executive. “You can go to work right away, you didn’t have to wait a year or two for the entitlements to be approved, and there are already some homes built on the property and roads are in place, and some of the infrastructure is in place.”
The acquisition marks Pathfinder’s 11th acquisition in the Denver area, with multi-family properties including The Wellshire Arms, a 107-unit apartment building in Denver’s Observatory Park neighborhood; the Blake 27 row home project near Coors Field; and the Village at Hilltop townhome project near Cherry Creek.
According to Siegler, the company’s philosophy is to find distressed opportunities—things that are owned by financial institutions and value add types of situations—where it can take something and transform it, add a lot of value to it and earn superior rates of returns.
“We go across geographical markets and we go across product types to do that,” he said. “And we have a portfolio that’s comprised of a variety of different real estate assets in a variety of markets, but this fits squarely in the center in the sense that we’re taking something that we think is well positioned and we’re infusing capital and taking it to the next level.”
The Shores at Breckenridge is two miles north of Breckenridge Main Street and the Breckenridge Ski Resort and directly across the street from the Jack Nicklaus-designed 27-hole Breckenridge Golf Club. It is also just 90 minutes from Denver International Airport.
“When you look at states that are excelling in this economy, Colorado is by virtually any measure—home price appreciation, vacancy rate, construction permits, building permits—doing well,” Siegler said. “Job growth is strong and we think that translates into the market for second homes in resort communities.”