Pathfinder Pays $18M for Suburban Denver Community
- Oct 22, 2020
Pathfinder Partners has completed the $18.2 million purchase of Highlands at Red Hawk, a 56-unit apartment property in Castle Rock, Colo. Grandbridge Real Estate Capital provided a 10-year, $11.7 million Freddie Mac loan for the acquisition, according to Douglas County records. Security Properties sold the asset.
Located on 5 acres at 1465 Red Hawk Drive, the community encompasses five two-story buildings delivered in 2017. The unit mix includes one- to three-bedroom floorplans ranging between 751 and 1,437 square feet. Amenities include a swimming pool, gym, game room and coffee bar.
This is the buyer’s 11th acquisition in Colorado and the sixth multifamily asset in the Pathfinder Income Fund, which was launched earlier this year. The company plans to execute a renovation program on the property, according to a statement by Pathfinder Senior Managing Partner Mitch Siegler.
The asset previously changed hands in 2019, when Goodwin Knight sold it for $16.5 million, Yardi Matrix data shows. Security Properties backed the transaction with a seven-year, $10 million loan from MUFG Bank.
Situated a short distance from Interstate 25, the community is 31 miles south of downtown Denver. The area’s major employers are Apple, RingCentral, VMware and Zillow.