""Pathfinder Partners, LLC"":http://www.pathfinderpartnersllc.com/, a San Diego-based company that invests in distressed real estate and defaulted loans, recently teamed up with Denver's ""Pittman Development Group"":http://www.pittmandevelopment.com/index.html to launch the Pittman Pathfinder Colorado Opportunity Fund, a new private equity fund focused on acquiring real estate assets throughout Colorado.
[IMAGE] [COLUMN_BREAK]The fund will be overseen by Pittman Pathfinder Realty Ventures, LLC, a joint venture formed by the two companies. In its first acquisition, the fund purchased a portfolio of seven residential properties from a Colorado regional bank, including 64 condominiums and townhomes, 108 residential lots, and a multifamily development site, primarily located in the Denver and Colorado Springs area.
""Pittman Development Group is a leader in the Colorado commercial real estate industry, and we are pleased to enter that market with such an experienced and savvy partner,"" said Mitch Siegler, senior managing director and founder of Pathfinder. ""Colorado has a well-diversified economy and stable employment dynamics. We are optimistic about the prospects for the region and will continue looking together for similar opportunities throughout 2010.""
Siegler also noted that in many cases, both firms ""plan to add value to the properties and turn stalled developments into finished communities--making these sites prime assets for investors, while providing a boon to local communities.""