Pittman Pathfinder Colorado Opportunity Fund
Investment Opportunity
Pittman Pathfinder Colorado Opportunity Fund I (“PPCOF”) was selected in December 2009 out of a group of 14 potential buyers and is under contract to acquire a portfolio of foreclosed (REO) assets from a local regional bank. The portfolio consists of eight separate residential projects, including a total of 53 completed townhome/condo units, 11 partially completed condo units, 35 ready-to-build single family residential lots, 2 ready-to-build duplex lots, 2 ready-to-build multifamily lots and 71 near ready-to-build condo lots.
PPCOF purchased the eight properties and will be responsible for completing construction on the unfinished units. All of the condo units will be sold as market conditions and lease expirations permit. The vacant land lots will be held until such time as the individual submarkets recover to allow reasonable price appreciation.
Portfolio
The locations of the properties are well dispersed throughout the Front Range cities: as far north as Greeley, as far south as Pueblo, as far west as Littleton and as far east as Aurora. These eight projects provide diversification in terms of asset type and geographic locations. A description of each of the assets follows.
Aspen Meadows (Federal Heights, CO) - An unfinished condominium development approved for 84 units, of which 13 have been constructed. Of the 13, four units are nearly ready for certificates of occupancy and the remaining nine are at dry-wall stage and need complete interior finish. The units range in size from 1,218 to 1,684 square feet with two-car attached garages and mid-range finishes.
Cambridge in the Foothills Condominiums (Littleton, CO) – 32 completed condo units and two requiring completion. The finished units are currently being rented and will be marketed for sale as lease terminations allow. Unit sizes range from 1,211 – 1,296 sf and have mid-range finishes. Three of the units can be sold with unattached single-car garages.
Cima Vista Condos (Colorado Springs, CO) – 13 completed condo units currently being rented. Condos are two-bedroom two-bath, have mid-range finishes, two-car attached garages and mountain views.
Sierra Mesa Townhomes (Colorado Springs, CO) – Four completed townhomes currently being rented. Units are three bedroom, 2.5 bath with attached two-car garages.
Pumpkin Ridge (Greeley, CO) – 17 finished vacant lots ready for building single family homes. Property is located within a subdivision where homes range between $185,000 and $375,000.
Chambers Place (Aurora, CO) – Two finished lots ready for building apartments. Lots are located within an established residential neighborhood.
Settlers Village (Milliken, CO) – Two finished lots ready for construction of duplexes. Lots are located in established subdivision near a park and school.
Pueblo West (Pueblo, CO) – 18 finished lots ready for building single family homes. Lots are located in a popular subdivision which became overbuilt.
Valuation
We have evaluated the condo projects from both a for-sale strategy and a rental strategy. Our intent is to sell the units as quickly as possible to allow us to re-pay the debt and allow time to hold the vacant lots to take advantage of price appreciation as time elapses. However, the properties currently provide positive net operating income and cash flow with current rents in place and are easily rented.
More about Pathfinder Partners: http://www.pathfinderpartnersllc.com/
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