DENVER, April 29, 2021 /PRNewswire/ — Watermark Residential, a wholly owned affiliate of Thompson Thrift and one of the nation’s leading multifamily developers, announced today the completed sale of Dayton Station, a 63-unit luxury leased townhome community in the coveted Cherry Creek community of Aurora. RedPeak acquired the property for $33.5 million.
«Denver continues to be a difficult market within which to buy a home, and there is an increasing amount of renters-by-choice who want to enjoy the single-family lifestyle without maintenance hassles,» said Josh Purvis, managing partner of Watermark Residential. «Our thorough process for identifying markets that are prime for institutional-grade, for-rent communities continues to have us deliver attractive returns to our investors.»
This was Watermark’s first solely townhome development, and they designed the 12 three-story buildings to live like single-family homes. Each private entry townhome offers spacious three- or four-bedroom layouts complete with two-car garages, ample storage and premium interior finishes including, gourmet bar-kitchens with quartz countertops, stainless steel appliances, walk-in closets, garden tubs and full-size washers and dryers.
Located at 3899 S. Dallas St., the Townhomes at Dayton Station is in the highly desirable Cherry Creek submarket, which is home to one of the nation’s top public school districts. The property is strategically located two blocks from I-225 and is within walking distance to Dayton Station Light Rail Station, which provides residents with incredible access to Denver’s two largest employment centers. Residents are also enviably close to the trails and activities of Cherry Creek state park, Denver’s natural and spacious backyard playground.
Watermark started welcoming residents earlier this year and initially planned to sell the community upon stabilization, but was approached early in leasing by RedPeak.
Brian Southworth, partner for Watermark Residential added, «Dayton Station provides RedPeak with an innovative product in an extremely unique location. They were willing to pay full market price in order to have more control of the lease-up because they have so much confidence in the location and quality of the community.»
Watermark Residential is a national leader in the development, construction and management of upscale multifamily communities and recently began expanding into luxury leased housing. The company is in development on The Summit Townhomes & Villas in Castle Pines as well as similar projects in the suburbs of Phoenix and Nashville. Watermark Residential plans to deliver up to 500 luxury leased homes per year in targeted locations across the county where the median home price places the single-family lifestyle beyond the reach of many residents.
About Watermark Residential
A wholly owned affiliate of Thompson Thrift, Watermark Residential is a national leader in the development, construction, and management of upscale multifamily communities. Since its founding in 2008, Watermark has become a nationally recognized multifamily development and residential management company. Watermark communities epitomize the company’s commitment to quality and value, while exhibiting meticulous attention to detail. The company has developed more than 13,000 units across 14 states. With deep knowledge of each market entered and a methodical vision, Watermark is proud to develop communities that offer residents luxurious, convenient lifestyle. For more information, please visit www.watermarkapartments.com.
About Thompson Thrift Real Estate Company
Thompson Thrift is an integrated full-service real estate company with offices in Indianapolis and Terre Haute, Ind., Houston, Phoenix and Charlotte, N.C. Three business units drive Thompson Thrift’s success— Watermark Residential which is focused on Class A multifamily communities and Luxury Leased Homes which is focused on upscale townhome-style living, Thompson Thrift Retail Group which is focused on ground-up commercial development, and Thompson Thrift Construction, a full-service construction company. Through these business units, Thompson Thrift’s over 400 employees are engaged in all aspects of acquisition, development, construction, leasing, and management of quality multifamily, mixed-use, retail and office projects across the country. We are passionate about our customer’s success and strive to ensure our projects not only meet the needs of our customers but also the communities we serve. For more information, please visit www.thompsonthrift.com.
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SOURCE Thompson Thrift