170-Unit Rosemont Apartment Community Purchased for $28.8 Million

Pathfinder Partners, a San Diego-based firm specializing in value-add multifamily real estate investments, announced today the $28,825,000 acquisition of Rosemont Park – a 170-unit apartment community near the center of downtown Rosemont at 9190 Schmuckley Dr., Sacramento, Calif., 94533.

According to Mitch Siegler, senior managing partner at Pathfinder Partners, “Rosemont Park presents a tremendous value-add opportunity to further upgrade interiors and enhance the apartment community’s amenity package. Rosemont Park is located in a supply constrained submarket with no scheduled construction which has resulted in high demand for renovated communities. Additionally, the property, conveniently located near the Highway 50 Corridor, features over 12 million square feet of office space and is home to many of the area’s top employers.”

Constructed in 1978, Rosemont Park offers a unique mix of one-, two-, three- and four-bedroom units, as well as 21 townhomes, ranging from 537 to 1,400 square feet (averaging 790 square feet). The property features a mix of original unit interiors and renovated units with upgraded vinyl plank flooring, resurfaced countertops, stained cabinetry and dual-pane windows. Each spacious unit features central heating and air conditioning, an open floorplan and large balconies or patios. The community offers a variety of amenities including reserved covered parking, a courtyard with a community garden, resident package lockers, 24-hour card-operated laundry facility, shaded BBQ and picnic area, pool, spa and an open area to host community events.

Siegler continued, “One of the primary contributors to the economic expansion of Rosemont is the large number of San Francisco Bay Area residents who continue to be attracted to the Sacramento area for its affordability and proximity to the Bay Area – in 2018, Sacramento had in-migration of more than 27,000 people. The Sacramento area’s family friendly environment and affordable cost of living should spur strong growth in Rosemont for years to come.”

Rosemont Park is located 10 miles east of downtown Sacramento near Highway 50, light rail transportation and local city bus routes, providing access to Downtown Sacramento and major employers such as Verizon, Aerojet Rocketdyne, VSP Global and HealthNet. Within 2.5 miles of the property, families have access to three elementary schools, a middle school and a high school as well as a nearby retail center.

New North County Community offers Convenient Location, Luxury Amenities

Construction is now complete on Breeze Hill Apartments – a fully amenitized 88-unit luxury multifamily community in Vista, Calif. – with San Diego-based Sunrise Management overseeing all marketing/branding, leasing and day-to-day operations. The rental community, owned and developed by a partnership of San Diego-based Pathfinders Partners and Silvergate Development, is located at 710 Breeze Hill Rd. in Vista, just northeast of San Diego.

Pathfinder and Silvergate began construction on the 3.1-acre parcel in January 2018.

“We have seen tremendous interest in this community, said Melissa Deen, chief strategy officer for Sunrise Management. “Pre-leasing got under way just two months ago, and we are already 45 percent leased, with inquires mounting.”  

According to Deen, Breeze Hill – with 88 beautifully appointed studio, one- and two-bedroom units ranging in size from 480 to 1,076 square feet – is especially attractive due to its ideal location and state-of-the-art amenity package. All apartment homes have in-unit washer/dryers, floor-to-ceiling windows, modern wood-style plank flooring, quartz stone countertops, vaulted ceilings, ENERGY STAR® stainless steel appliances and smart home technology with high tech electronic door locks controlled via mobile app.

Community amenities include a resident clubhouse, spa, heated pool, bocce ball court, barbeque and outdoor dining areas, an outdoor fire pit lounge, a 24-hour fitness center, EV charging stations, 24-hour package reception lockers, attached and detached garage options with additional storage, bike storage racks, professional coworking spaces and covered parking. 

Breeze Hill is in a quiet neighborhood near Breeze Hill Park and conveniently located near the I-78 as well as top shopping, entertainment, restaurants and recreational options. 

The architect for the new community was Carrier Johnson + CULTURE. 

More information is available at https://www.breezehillvista.com/.

97-Unit Apartment Community Purchased for $20.725 Million

Pathfinder Partners, a San Diego-based firm specializing in value-add real estate investments, announced today the $20,725,000 acquisition of The Station – a 97-unit multifamily community at 2100 W. Berry Ave in Littleton, Colo., a Denver suburb. The seller was undisclosed.  

Constructed in 1983, The Station offers 17 studio, 44 one-bedroom and 36 two-bedroom apartment homes complete with well-equipped kitchens featuring over-the-range microwaves, dishwasher and garbage disposals, as well as walk-in closets, private balconies or patios, air conditioning, washer/dryer hook-ups in 80 units, and fireplaces in nine units. The well-located community features generous parking, laundry facilities and an on-site leasing office.  

According to Lorne Polger, senior managing director at Pathfinder Partners, the community was an appealing buy with value-add opportunities. “Pathfinder plans on updating all units with washer/dryers, new cabinetry, quartz kitchen countertops, modern light fixtures and vinyl-plank flooring.”  

Polger said the community is also appealing due to its location in a strong submarket. “The Station is within close proximity to historic downtown Littleton, with its trendy coffee shops, wine bars, microbreweries, restaurants, retail shops, and walking/biking trails and is also just three blocks from the Littleton Downtown light-rail station which provides easy travel to and from the Broncos Stadium and downtown Denver. Additionally, connecting lines provide access to Denver International Airport, University of Colorado and the Denver Tech Center, among other places in the metro area.” 

In addition, said Polger, Littleton has a robust economy and strong employment figures. “Littleton’s median household income of $71,315 is 20% higher than the national average and 9% higher than Denver. The unemployment is only 2.4%, 35% lower than the national average. The area’s strong job market is led by several large companies including Jons Manville Corporation, Lockheed Martin and Comcast.” 

97-Unit Apartment Community Purchased for $20.725 Million

Pathfinder Partners, a San Diego-based firm specializing in value-add real estate investments, announced today the $20,725,000 acquisition of The Station – a 97-unit multifamily community at 2100 W. Berry Ave in Littleton, Colo., a Denver suburb. The seller was undisclosed.  

Constructed in 1983, The Station offers 17 studio, 44 one-bedroom and 36 two-bedroom apartment homes complete with well-equipped kitchens featuring over-the-range microwaves, dishwasher and garbage disposals, as well as walk-in closets, private balconies or patios, air conditioning, washer/dryer hook-ups in 80 units, and fireplaces in nine units. The well-located community features generous parking, laundry facilities and an on-site leasing office.  

According to Lorne Polger, senior managing director at Pathfinder Partners, the community was an appealing buy with value-add opportunities. “Pathfinder plans on updating all units with washer/dryers, new cabinetry, quartz kitchen countertops, modern light fixtures and vinyl-plank flooring.”  

Polger said the community is also appealing due to its location in a strong submarket. “The Station is within close proximity to historic downtown Littleton, with its trendy coffee shops, wine bars, microbreweries, restaurants, retail shops, and walking/biking trails and is also just three blocks from the Littleton Downtown light-rail station which provides easy travel to and from the Broncos Stadium and downtown Denver. Additionally, connecting lines provide access to Denver International Airport, University of Colorado and the Denver Tech Center, among other places in the metro area.” 

In addition, said Polger, Littleton has a robust economy and strong employment figures. “Littleton’s median household income of $71,315 is 20% higher than the national average and 9% higher than Denver. The unemployment is only 2.4%, 35% lower than the national average. The area’s strong job market is led by several large companies including Jons Manville Corporation, Lockheed Martin and Comcast.” 

Award-Winning Resort Community Nears Completion

The Shores at Breckenridge – a luxury community situated on the banks of Colorado’s Blue River – has begun construction on its final phase consisting of three single-family homes, which are slated for completion in February 2020. Sales in the community remain strong with three homes going under contract in May, leaving only six homes available for purchase.  

A 10-acre resort community, The Shores, is owned by a partnership of Meriwether Companies in Boulder and San Diego-based Pathfinder Partners.  

The community, with 56 detached and paired residences, has experienced robust sales since Meriwether and Pathfinder teamed up to acquire 20 lots – each then entitled for two 2,500-square-foot duplexes for a total of 40 residences – and began construction in 2014. The partnership received approval to also build single-family homes on the property in 2016.

“Luxury mountain real estate has consistently been in high demand, a trend evidenced by brisk sales at The Shores at Breckenridge,” says Noah Hahn, managing partner of Meriwether Companies. “We continue to see strong demand in our single-family and paired home river product – with the majority of homes sold before completion.” 

Each home at The Shores features open concept floor plans, vaulted ceilings and large windows that maximize views of the surrounding protected open space, mountains and river, as well as clean and transitional finishes with natural stone accents, oak flooring and knotty alder shaker-style cabinetry. State-of-the-art kitchens are outfitted with slab granite countertops and high-end built-in Bosch® appliances and a dual-zone wine refrigerator. 

Surrounded by pristine open space, the community’s location offers ample opportunity for outdoor recreation – from fly-fishing to mountain biking to hiking on the nearby Colorado Trail. In addition, the community is just a 10-minute drive from Breckenridge Ski Resort, which boasts North America's highest ski lift, a world-class ski school and five huge peaks spanning 2,908 acres. The Shores is also just across the street from the Jack Nicklaus-designed Breckenridge Golf Club and close to the historic town of Breckenridge with eclectic art galleries, fine dining, boutiques and more.

Lease-up Nearly Completed at New San Diego North County Community

Pathfinder Partners has completed construction on Creekside Apartments – a new 41-unit multifamily community in Vista, Calif. – retaining San Diego-based Sunrise Management to oversee all marketing/branding, leasing and day-to-day operations.

According to Matt Quinn, vice president of Pathfinder Partners, his firm partnered with Silvergate Development to develop the complex – located just north of San Diego – which has resort style amenities including a high-end club house and lounge and an outdoor area complete with barbecues, fire pit and complimentary Wi-Fi. Pathfinder, which specializes in opportunistic real estate investments, acquired the 1.5-acre parcel in November 2016 and began construction in 2017.

Now leasing, the community features beautifully appointed units – with open concept floor plans – ranging in size from 480 to 1,135 square feet with studio, one- and two-bedroom options. All homes have washer/dryers, wood-style plank flooring, quartz countertops, floor-to-ceiling windows and amply sized kitchens with energy efficient stainless steel appliances. Conveniently located near the 78 Freeway, the community is close to California State University San Marcos, Legoland, The San Diego Zoo Safari Park and much more. The property is located within the Vista Village Shopping Center, next to Frazier Farms Market with direct access to the adjacent creek and walking trails. 

Melissa Deen, vice president of marketing for Sunrise Management, noted Creekside has generated much interest and is now 75 percent leased. She attributes much of the community’s appeal to its ideal location near downtown Vista. “Vista has focused on revitalizing its downtown core, investing in many improvements, which has been a boon for the multifamily industry here,” she said.