DENVER, CO - Pathfinder Partners, LLC, a San Diego based firm specializing in opportunistic real estate investments, has closed the sale of The Wellshire – a 103,000-square-foot, 12-story, 107-unit apartment community in Denver, Colorado. The property was acquired by an affiliate of San Francisco-based Seagate Properties, Inc.
According to Lorne Polger, senior managing director of Pathfinder, his firm and partner Bruckal Properties, Inc., purchased the Wellshire Arms Apartments, in May 2012. “We acquired the property – which was built in 1962 – from the family of the original developer and then undertook a major renovation, rebranding it The Wellshire.”
The $2.5 million capital improvement program included transforming the mid-century building into a contemporary high rise, and included redoing the façade, renovating the lobby and entryway, upgrading the balconies, refurbishing dozens of unit interiors and adding high-end community amenities, among them a health club and a roof-top deck.
Polger noted that the property is the only building of its height in the immediate area, the result of a grandfathered-in multi-level zoning advantage. As a result, he said, “units on both sides of the building have permanent, unobstructed mountain and city views.”
The Wellshire is located in a prime, central-Denver area near the University of Denver. Units average 980 square feet and feature wrap-around balconies designed to fully capture the panoramic city and mountain views.
The Denver based ARA multifamily team – led by Terrance Hunt and Andy Hellman – brokered the transaction.