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10/22/20
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Pathfinder Partners has purchased Highlands at Red Hawk, a 56-unit apartment community in the affluent submarket of Castle Rock, just south of Denver, CO. Red Hawk, acquired for $18.2 mil ($325k/unit), is Pathfinder’s 11th Colorado buy and the sixth apartment property in the Pathfinder Income Fund, launched earlier this year.
Constructed in 2017, Red Hawk includes 16 one-bedroom/one-bathroom units, 10 two-bedroom/one-bathroom units, 22 two-bedroom/two-bathroom units and eight three-bedroom/two-bathroom units averaging 1.1k sf. Each unit includes granite countertops, stainless steel appliances, walk-in closets, in-unit washer/dryers and fireplaces.
The property features a robust amenity package including fob entry access, a community pool, fitness center, game room, coffee bar and BBQ/picnic area. Built by a homebuilder with the intent to sell condominiums, it has unique features for a rental community, including a direct-access garage and private entrance for each unit. Pathfinder plans to make minor repairs and upgrades to the property and operate it as a stabilized, cash-flowing investment.
Located in Castle Rock, the southern portion of the Denver metro area near Highway 25, the community provides easy access to major employers like RingCentral, Apple, VMware and Zillow. Additionally, Red Hawk is located near Castle Rock’s downtown area, with an eclectic assortment of restaurants and retail stores as well as close proximity to the 300-acre Philip S. Miller Park, which includes batting cages, golf simulators, indoor soccer and football fields, indoor pool and trampoline area and zip line tours. Red Hawk is within the Douglas County School District, one of the best in metro Denver.
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