DENVER, April 29, 2021 / PRNewswire / – Watermark Residential, a wholly-owned subsidiary of Thompson Thrift and one of the country’s leading multi-family developers, today announced the completed sale of Dayton Station, a 63-unit luxury rental community in the coveted city Cherry Creek Parish of Aurora. RedPeak acquired the property for $ 33.5 million.
“Denver continues to be a difficult market for home purchases and there are increasing numbers of choice tenants looking to enjoy the single-family lifestyle without the hassle of maintenance,” said Josh Purvis, managing partner of Watermark Residential. “Our thorough process of identifying markets that are best suited for institutional quality rental communities continues to result in us delivering attractive returns to our investors.”
This was Watermark’s first all-town house development, and they designed the 12 three-story buildings to live like single family homes. Each private entry townhouse features spacious three or four bedroom floor plans, two-car garages, plenty of storage space, and quality interiors, including gourmet bar kitchens with quartz countertops, stainless steel appliances, walk-in closets, garden tubs, and full-size washers and dryers.
The Townhomes at Dayton Station is located at 3899 S. Dallas Street and is located in the coveted Cherry Creek submarket, which is home to one of the best public school districts in the country. The property is strategically located two blocks from I-225 and within walking distance of the Dayton Light Rail Station, which gives residents incredible access to Denver’s two largest employment centers. Residents are also enviable close to the hiking trails and activities of Cherry Creek State Park, the natural and spacious playground in Denver’s backyard.
Watermark began welcoming residents earlier this year and initially planned to sell the community after it stabilized, but was approached by RedPeak early on in the lease.
Brian Southworth, Partner at Watermark Residential, added, “Dayton Station offers RedPeak an innovative product in an extremely unique location. They were willing to pay full market price to have more control over the lease because they have so much confidence in the location and quality of the community have him. ”
Watermark Residential is a national leader in the development, construction and management of upscale apartment buildings and has recently started expanding into luxury rental apartments. The company is under development at The Summit Townhomes & Villas in Castle Pines and similar projects in the suburbs of Phoenix and Nashville. Watermark Residential plans to deliver up to 500 luxury rental homes per year in designated locations across the county where median home price makes the single-family lifestyle out of reach for many residents.
About Watermark Residential Watermark Residential is a wholly owned subsidiary of Thompson Thrift and a national leader in the development, construction and management of upscale apartment buildings. Since its inception in 2008, Watermark has grown into a nationally recognized multi-family development and housing management company. Watermark communities embody the company’s commitment to quality and value while showing great attention to detail. The company has developed more than 13,000 units in 14 states. With in-depth knowledge of each market and a methodical vision, Watermark prides itself on developing communities that provide residents with a luxurious and comfortable lifestyle. More information is available at www.watermarkapartments.com.
About Thompson Thrift Real Estate Company Thompson Thrift is a full-service integrated real estate company with offices in Indianapolis and Terre Haute, Indiana, Houston, Phoenix and Charlotte, NC. Three businesses contribute to the success of Thompson Thrift – Watermark Residential, which is focused on class, An apartment building community and luxury rental apartments, which are focused on upscale townhome-style living, Thompson Thrift Retail Group, which is focused on basic commercial development, and Thompson Thrift Construction, a full-service construction company. Through these businesses, Thompson Thrift’s 400-plus employees handle all aspects of the acquisition, development, construction, rental and management of high quality multi-family, mixed-use, retail and office projects across the country. We are passionate about our clients’ success and strive to ensure that our projects not only meet the needs of our clients but also the communities we serve. More information is available at www.thompsonthrift.com.
Contact: Jennifer Franklin Spotlight Marketing Communications 949.427.1385 [email protected]
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SOURCE Thompson Thrift