DENVER, CO - Watermark Residential, a wholly owned affiliate of Thompson Thrift and one of the nation's leading multifamily developers, announced the sale of Watermark at First Creek, a 264-unit Class A multifamily community in Denver. California-based Borello Asset Management, Inc. bought the property for $74.65 million.
"Denver has been one of the fastest growing areas in the nation for more than a decade," said Josh Purvis, managing partner with Watermark. "This population growth, combined with a lack of affordable single family housing has created strong investor demand and skyrocketing multifamily values. With Watermark's commitment to building communities based on style, convenience and luxury, it's no surprise that Watermark at First Creek was especially attractive to investors."
Watermark at First Creek is located at the northwest corner of Tower Road and Elmendorf Drive. Completed in 2018, the community features an e-Urban® design that is 30 percent more efficient and utilizes 30 percent less materials than traditional design. The one-, two- and three-bedroom apartment homes each contain premium amenities including gourmet bar-kitchen with custom cabinetry, granite countertops, nine-foot ceilings, in-unit washer and dryers and much more. Community amenities include a resort style pool with cabanas and poolside hammocks, a fully equipped clubhouse, gas grilling stations and a 24-hour state-of-the-art fitness center.
The property is conveniently located just 12 miles from the heart of downtown Denver and less than seven miles from the Denver International Airport. Denver's public rail service, the RTD, also has a stop less than a mile away, and numerous retail and dining options are within minutes of the community.
"We're very proud to have completed this sale, especially in the current environment," said Brian Southworth, senior vice president, acquisitions for Watermark Residential. "Watermark at First Creek has been another successful project, and with similar area properties 96 percent occupied, we believe there is a sustained demand for the type of luxury multifamily communities that are our hallmark."
Watermark remains very active in the Denver area. The Haven by Watermark, located directly across the street from Watermark at First Creek, is currently in lease-up. In addition, Watermark has three more projects actively leasing in the area, with an additional 1,600 units in their pipeline.
Dan Woodward, David Potarf, and Mathew Barnett from CBRE brokered the sale.