Hadley Apartments’ Value Jumps Due to Amazon’s 2.4M SF Distribution Facility

Hadley Apartments in Thornton, CO recently sold to an undisclosed buyer for $38.5 million. Hadley is a 140-unit multifamily community located 9 miles north of downtown Denver, with a mix of one- and two-bedroom apartments averaging 760 square feet.

Since acquiring the property in 2017, Pathfinder Partners added value through renovating and rebranding the property. Renovations included new flooring, cabinets, stainless steel appliances, quartz countertops, finishes and fixtures. Pathfinder also completed significant upgrades to the landscaping and common area amenities.

“The Hadley investment exemplifies Pathfinder’s opportunity fund strategy of identifying investment opportunities in resilient growing markets like Denver and increasing the value through renovations and upgrades, rebranding and improving management,” said Lorne Polger, co-founder and managing director of Pathfinder Partners. “When we acquired the property, Denver was experiencing strong population and job growth which only intensified during and following the pandemic. Several years ago, Amazon began constructing a 2.4 million-square-foot distribution facility in Thornton that we believed would drive increased demand for housing in the area. Our occupancy and rent growth trends have been very strong, and investment returns well exceeded initial expectations.”

The Hadley transaction was brokered by Andy Hellman and Justin Hunt of CBRE’s Denver office.