Pathfinder Partners has acquired Verona Park, an apartment community in Denver’s submarket of Aurora, Colo., for $18.3 million. This purchase marks the firm’s eighth investment in the Denver area, in which Pathfinder will implement an interior renovation program and upgrade the landscape, hardscape and common area amenities.
Located at 12000 E. Kansas Drive, the property comprises 119 one- and two-bedroom units ranging from 780 to 980 square feet. Verona Park features seven, two-story buildings across an 8.9-acre site. According to Yardi Matrix, the last asset was privately owned by Jeffrey Sanders, who purchased the community back in 2014 for $10 million. As of June 2018, the property was 97.5 percent occupied. Residents have access to common area amenities such as:
- 24-hour fitness center
- heated indoor swimming pool
- business center
- 13 laundry facilities
- 290 parking spaces
- barbecue and picnic area
“Verona is appealing because of its location within the top-performing Cherry Creek school district and proximity to numerous outdoor activities, shops and major freeways,” said Lorne Polger, senior managing director of Pathfinder Partners, in a prepared statement. “The Aurora submarket enjoys high demand for apartments because of its central location between downtown Denver, the Denver Tech Center and Denver International Airport—three of Denver’s largest employment centers.”
ARA Newmark’s Executive Managing Director Justin Hunt, Senior Managing Director Andy Hellman, Senior Transaction Manager Courtney Crowder and Transaction Manager Katie Hufnagel, represented the buyer and seller in the deal.
In April, a joint venture between Pathfinder Partners and Hillcrest Development Group completed the $1.6 million renovation and rebranding of V-Esprit, a senior housing community, also located in Aurora, Colo. The partners purchased the 100-unit asset, previously known as the Shalom Park Senior Living Campus, for $16 million in 2017.
Image courtesy of Pathfinder Partners