Luxury Res Project Changes Hands

BRECKENRIDGE, CO—Continuing its expansion in the Colorado market, San Diego-based Pathfinder Partners, LLC has partnered with Boulder-based development group Meriwether Companies to acquire The Shores at Breckenridge, a fully entitled, partially completed, 10-acre, luxury residential community on the banks of the Blue River in Breckenridge.

According to Mitch Siegler, senior managing director of Pathfinder Partners, the partners will develop the remaining 20 lots in the community, each entitled for two, 2,500-square-foot duplexes – 40 residences – with construction slated to begin this July. When complete, the Shores will consist of 56 luxury attached homes. The original developer, Mesa Development, built the first 14 homes in 2012. 

Siegler noted that the property is an appealing buy on many levels.

“We are very pleased to partner with Meriwether – a respected real estate and development firm – on this latest deal,” Siegler said. “Additionally, Breckenridge is an attractive investment – a mountain resort with year-round outdoor activities, including world-class skiing, fishing, golf and biking and a variety of recreational activities at nearby Lake Dillon. It is also just 90 minutes from Denver International Airport, so it is convenient for both in- and out-of-state visitors.”

The Shores at Breckenridge is two miles north of Breckenridge Main Street and the Breckenridge Ski Resort and directly across the street from the Jack Nicklaus-designed 27-hole Breckenridge Golf Club.

The acquisition marks Pathfinder's 11th acquisition in the Denver area, with multifamily properties including The Wellshire Arms, an 107-unit apartment building in Denver's Observatory Park neighborhood; the Blake 27 row home project near Coors Field; and a portfolio of condominiums, townhomes and finished lots acquired from the REO department of a commercial bank. The firm also recently acquired Butterball Turkey's former processing plant – seven parcels of land on 27.5 acres with 326,000 square feet of building space – in downtown Longmont.