DENVER, CO – Watermark Residential, a wholly owned subsidiary of Thompson Thrift and one of the country's leading multi-family developers announced the sale of Watermark in First Creek, a Class A multi-family community of 264 units 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 country for more than a decade, "he said Josh Purvis, managing partner of Watermark. "That population growth, coupled with the lack of affordable single-family homes, has created strong investor demand and skyrocketing apartment values. Given Watermark's commitment to building communities based on style, comfort and luxury, it's no surprise that Watermark at First Creek was particularly attractive to investors. "
The First Creek watermark is on the northwest corner of Tower Road and Elmendorf Drive. The community was completed in 2018 and has a 30 percent more efficient e-Urban® design that uses 30 percent fewer materials than traditional design. The one-, two-, and three-bedroom condos each have first-class amenities such as a gourmet bar kitchen with custom cabinets, granite countertops, three meter high ceilings, an in-unit washer and dryer, and much more. Communal facilities include a resort-style pool with poolside cabanas and hammocks, a fully equipped clubhouse, gas grills, and a state-of-the-art 24-hour fitness center.
The property is conveniently located just 19 km from the heart of downtown Denver and less than seven miles from that Denver International Airport. Denver Public rail transport, the RTD, also has a stop less than a mile away, and numerous retail and restaurants are just minutes from the community.
"We are very proud to have completed this sale, especially in the current environment," he said Brian Southworth, Senior Vice President, Acquisitions for Watermark Residential. "Watermark at First Creek has been another successful project, and with similar real estate 96 percent occupied, we believe there is ongoing demand for the type of luxury apartment rental that is our hallmark."
Watermark remains very active in the Denver Area. The Haven by Watermark, located directly across from Watermark at First Creek, is currently rented. In addition, Watermark has three other projects in the region that are actively leased and an additional 1,600 units in the pipeline.
Dan Woodward, David Potarf, and Mathew Barnett from CBRE brokered the sale.
