Watermark Residential Sells 244-Unit Class A Multifamily Community in Colorado Springs, Colorado
March 10, 2020
Colorado Springs, CO
Watermark Residential, a wholly owned affiliate of Thompson Thrift and one of the nation’s leading multifamily developers, announced today the completed sale of Watermark on Union, a 244-unit Class A multifamily community in the master planned community of Briargate in the northern part of Colorado Springs, Colo. for an undisclosed price. California-based NALS Apartment Homes was the buyer.
“Watermark on Union has been a tremendous success story and has validated our investment approach of developing communities focused on style, convenience and luxury,” said Paul Thrift, president and chief executive officer of Thompson Thrift and Watermark Residential. “In just over two years we were able to exceed our projections and sell this asset for attractive returns.”
Watermark on Union is located at 9915 North Union Boulevard and features apartment homes with nine- and 12-foot ceilings, spacious walk-in closets, full-size washer and dryer, stainless steel appliance package, granite countertops, personal balcony or patio, and detached garages in select apartment homes. Community amenities include resort style pool with cabanas, a fully equipped clubhouse, outdoor firepit area, dog park and a 24-hour fitness center.
West of the property, UCHealth Memorial Hospital North, recently completed a $129-million expansion, and Children’s Hospital opened the region’s first pediatric-only hospital on the hospital campus last year. Major employment hubs, in addition to the multitude of healthcare facilities, are conveniently located near the property and several major retailers such as Target, Lifetime Fitness, King Soopers and Lowe’s are all within walking distance.
“Lease-up was well ahead of projections in terms of rental amounts and velocity,” added Josh Purvis, managing partner of Watermark Residential. “We continue to believe there is unmet demand for high-quality multifamily communities in Colorado Springs, and we are continually working to develop additional projects.”
Kevin McKenna and Saul Levy with Newmark Knight Frank Multifamily represented Watermark on the sale.
Since 2010, Watermark Residential has constructed more than 40 projects totaling in excess of 11,000 multifamily apartment homes. The company has consistently focused on developments in areas experiencing rapid job growth, increased rental demand and barriers to new supply.
