Pathfinder Acquires $16M Senior Housing
The company formed a joint venture with Denver-based Hillcrest Development Group to purchase Shalom Park Senior Living Campus. Pathfinder will implement a $3 million renovation plan and will rebrand the property as V-Esprit.
By Adina Marcut
Mitch Siegler, senior managing director of Pathfinder Partners
Pathfinder Partners partnered with Hillcrest Development Group LLC, a Denver-based company with experience in operating senior communities, for the acquisition of a 104-unit living community within the Shalom Park Senior Living Campus in Aurora, Colo. The company purchased the asset for $16 million from Shalom Park, the Colorado non-profit organization that owns the balance of the Shalom Park Senior Living Campus.
Located at 5240 Park Circle, Shalom Park’s campus consists of 60 apartments and 44 patio homes averaging 1,050 square feet. The community also features The Shalom Park Nursing Home and the J. Leonard Levy Family Wellness Center.
Renovation Plan
The company will rename the property V-Esprit and plans a $3 million renovation, which will include converting four of the one-bedroom units into a clubhouse and cardroom, and renovating the theatre room, library, communal dining area and leasing office. Other improvements will be made to the unit interiors to include new hard surface countertops, flooring, cabinets and appliances.
“The community is ideally located in a beautiful, peaceful setting just 15 miles south of downtown Denver. Colorado continues to be a highly desirable submarket for Pathfinder, and V-Esprit represents another terrific value-add investment opportunity,” Mitch Siegler, senior managing director of Pathfinder Partners, said in a statement.
Earlier this month, Pathfinder acquired a 160-unit apartment community in Seattle for $25 million.
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