SAN DIEGO (November 20, 2014) – Pathfinder Partners, LLC, founded in 2006 to specialize in opportunistic and value-add real estate investments, has sold the Grant Street Mansion — a 20,000 square foot, historically-designated mansion at 1115 Grant Street in Denver. The property was acquired by Unbridled Holdings, LLC of Denver.
Located in Denver’s Capitol Hill neighborhood, Grant Street was built in 1892 and features late Victorian-era, Queen Anne-style architecture with ornate embellishments, milled woodwork and quarter-sewn oak. Two noted turn-of-the-century architects, Erasmus Theodore Carr and William Pratt Feth, designed the original residence. The structure now contains 28 converted office suites within a four-story, 16,000 square foot main house and three office suites within a two-story, 4,000 square foot carriage house.
According to Lorne Polger, senior managing director of Pathfinder Partners, his firm purchased Grant Street in December 2011 through a trustee’s foreclosure sale when the mansion was 50% occupied. “We recognized that the Grant Street Mansion was an irreplaceable property located in an outstanding Denver neighborhood known for its combination of historical charm and cosmopolitan ambiance. Capitol Hill has undergone a significant gentrification – spawning an influx of new businesses, restaurants and young, hip residents.”
Pathfinder invested $200,000 to convert several unused suites to rentable offices, improve the landscaping and security and cure deferred maintenance. Following the completion of the capital improvements, Pathfinder leased the vacant suites, boosted the rents and stabilized the property’s operations.
Grant Street was 95% occupied at the time of sale. Tim Finholm of Denver-based Unique Properties brokered the transaction.
About Pathfinder Partners, LLC
Pathfinder Partners LLC, headquartered in San Diego, California, was founded by Lorne Polger and Mitch Siegler in 2006 to make investments in opportunistic and value-add real estate asserts. Since inception, Pathfinder has acquired properties and notes with original invested capital of more than $725 million in 75 separate transactions and sold 33 properties generating net returns to investors in excess of 20%. In addition to seeking opportunities to add value by providing liquidity to selling financial institutions, liquidating funds and long-standing owners, Pathfinder also seeks to maximize value through property enhancements, improvements in operations and marketing, property repositioning and other strategies. For more information on Grant Street Mansion or Pathfinder’s newest real estate investment fund, Pathfinder Partners Opportunity Fund V, L.P., visit www.pathfinderfunds.com or contact Lorne Polger at (858) 875-4450.