AURORA, CO - Pathfinder Partners, a San Diego-based firm specializing in opportunistic and value-add real estate investments, has announced the $16 million acquisition of a 104-unit independent living community within the Shalom Park Senior Living Campus at 5240 Park Circle, Aurora, Colo. Pathfinder partnered with Hillcrest Development Group, LLC, a Denver-based company with experience in operating senior communities, on the acquisition.
The community, which Pathfinder will rebrand as V-Esprit, is situated on approximately 15 acres and includes 104 units consisting of 60 apartments and 44 patio homes averaging 1,050 square feet. The property was acquired from the Shalom Park, the Colorado not-for-profit organization which owns the balance of the Shalom Park Senior Living Campus. V-Esprit residents will have shared use of the campus amenities including the wellness center, exercise facilities, salon, bistro, swimming pool and spa.
According to Mitch Siegler, senior managing director of Pathfinder Partners, his firm is planning a $3 million renovation of the community, to include converting four of the one-bedroom apartment units (leaving 100 units in total) into a clubhouse and cardroom and renovating and modernizing the theater room, library, communal dining area and leasing office. Pathfinder also plans to renovate the apartment interiors to include new hard surface countertops, flooring, cabinets and appliances and updating all finishes, fixtures and paint.
Siegler noted the property marks his company’s first senior living acquisition and was an appealing buy on multiple levels. “The community is ideally located in a beautiful, peaceful setting just 15 miles south of downtown Denver. Colorado continues to be a highly desirable sub-market for Pathfinder, and V-Esprit represents another terrific value-add investment opportunity.”