COLORADO SPRINGS, CO – Watermark Residential, a wholly owned subsidiary of Thompson Thrift and one of the country's leading multi-family developers announced the acquisition of nearly 21 acres in the country Colorado Springs for the development of Ascent by Watermark, a three-story, resort-style condominium community of one to three bedroom condos. Construction work on the development will begin this month and is expected to be completed in fall 2022.
"We are excited to start building our second multi-family development in Colorado Springs, which continues to be considered one of the most desirable places to live in the country, "he said Jessica Tuttle, Vice president of development at Watermark, West Region. ""Colorado Springs & # 39; The dynamic growth has resulted in robust demand for housing and we look forward to adding another of our typical residential communities to residents. "
Ascent by Watermark is located on the southeast corner of Tutt Boulevard and Powerwood View and will consist of 360 one, two, and three bedroom units averaging nearly 1,000 square feet. Each apartment has gourmet bar kitchens with quartz countertops, stainless steel appliances, walk-in closets, garden tubs, large washers and dryers, and designer lighting. Many houses have free-standing garages.
The residential complex will consist of a professionally designed clubhouse with televisions, conference rooms, technology centers and much more. A 24-hour fitness center with state-of-the-art equipment and Fitness On Demand ™ virtual training kiosks and spinning rooms; A swimming pool with cabanas and entertainment areas as well as pet-friendly bark parks and dog spas. An on-site management team dedicated to providing the highest level of service to residents will also be available.
Ascent by Watermark is a convenient 20-minute drive from downtown Colorado Springs and will be visible from Woodmen Road, a popular street that moves over 36,000 vehicles every day. Another main street, Powers Boulevard, is immediately west of the site and carries nearly 60,000 vehicles a day. The coveted location gives residents easy access to a wide variety of retailers and restaurants, as well as major employers, including the U.S. Army's largest installation in Colorado, Fort Carson, which employs over 30,000 people. The location is also next to St. Francis Medical Center North, which just opened its new one last year $ 102 million extended emergency call center.
In 2019 Colorado Springs was placed in first place US news and world reports "Most Desired Places to Live: 2019," and it's not hard to see why. In addition to the region's beautiful natural landscape, the market is generally strong with an average house value of almost all $ 400,000 and 2.3% employment growth for MSA, all of which has contributed to high population growth and a solid rental market for years to come. Ascent by Watermark is well positioned for success because of the zoning requirements and topographical challenges that make redevelopment in the region difficult.
Watermark is no stranger to the Denver MSA. Since the completion of their first property in the region in 2015, Watermark has successfully implemented eight further luxury multi-family projects with a total of 2,313 units. Ascent by Watermark will be their second property in Colorado Springs. Earlier this year they sold the 244-unit watermark on Union.
"With a total of nine projects in the Denver MSA, Watermark Residential is uniquely positioned to understand and deliver the luxury quality and luxury that residents of the area demand," said Josh Purvis, Managing Partner of Watermark. "Even with strong barriers to entry and a COVID-19 environment, the Watermark team was able to use our history and relationships to acquire this strategically located property. Ascent by Watermark will appeal not only to our residents but also to investors for the foreseeable future. "