Watermark Residential, a multifamily developer, private placement sponsor, and wholly owned affiliate of Thompson Thrift, has sold Dayton Station, a 63-unit townhome community located in the Denver suburb of Aurora, Colorado, for $33.5 million. The property was sold to RedPeak, an unaffiliated third party.
“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.
This was Watermark’s first solely townhome development, and the company said that it designed the 12 three-story buildings to live like single-family homes. Each townhome has three- or four-bedroom layouts with two-car garages, storage and bar-kitchens with quartz countertops, stainless steel appliances, walk-in closets, and full-size washers and dryers.
Watermark started leasing the property earlier this year and initially planned to sell the community upon stabilization, but was approached early in leasing by RedPeak.
“Dayton Station provides RedPeak with an innovative product in an extremely unique location,” said Brian Southworth, partner for Watermark Residential. “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 develops, constructs and manages multifamily communities and recently began expanding into luxury leased housing. The company is currently developing The Summit Townhomes & Villas in Castle Pines as well as similar projects in the suburbs of Phoenix and Nashville. The company said that it “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.”
Since its founding in 2008, has developed more than 13,000 units across 14 states.
Thompson Thrift is a full-service real estate company engaged in the acquisition, development, construction, leasing, and management of multifamily, mixed-use, retail, and office projects across the country.