DENVER, Aug. 28, 2020 /PRNewswire/ — Watermark Residential, a wholly owned affiliate of Thompson Thrift and one of the nation’s leading multifamily developers, announced the acquisition of 20.25 acres of land in the Castle Pines suburb of Denver for the development of The Summit Townhomes & Villas. The Summit will be a luxury leased residential community featuring one- to four-bedroom attached single-family homes and townhomes. The expected completion date is December 2022.
«The Castle Pines submarket is one of the most desirable submarkets in the Denver area, that is only expected to continue to grow in the coming years,» said Jose Kreutz, managing partner of Thompson Thrift. «The Summit Townhomes and Villas will offer a unique living experience for renters-by-choice who want to enjoy the single-family lifestyle with the benefit of a professionally managed and amenitized community. This opportunity is nearly non-existent anywhere else.»
Located along Lagae Road just south of Castle Pines Parkway, The Summit will consist of 214 one-, two-, three- and four-bedroom homes that average 1,410 square feet. The homes will feature premium interior finishes, including gourmet bar-kitchens with quartz countertops, stainless steel appliances, walk-in closets, garden tubs, full-size washers and dryers and designer light fixtures. The three- and four-bedroom townhomes will feature two-car attached garages and two-level patio decks while the paired villas will feature 10-foot ceilings, windows on three sides of the home and privately fenced patios. Community amenities will include a well-appointed clubhouse, 24-hour fitness center with state-of-the-art equipment, a swimming pool with cabanas and entertainment areas, a pet-friendly bark park and doggie spa, connectivity to local walking paths, as well as access to an on-site management team dedicated to the highest-level of service for residents.
Located between Lone Tree and Castle Rock, with direct frontage along popular I-25, The Summit is just 25 miles south of downtown Denver and only a 15-minute drive from Denver’s largest employment center, which houses six Fortune 500 companies and over 237,000 employees. Situated in Douglas County, the «6th Most Affluent County in the U.S.», it also offers families access to the Douglas County School District, one of the best in Colorado, with the state’s highest graduation rate.
Castle Pines offers easy access to the area’s major employers including Charles Schwab, Great-West, DISH Network and others. It is also located near major retail centers, such as the Village Square Center, The Outlets at Castle Rock, Colorado’s fourth most-popular tourist destination, according to Colorado.com, and Park Meadows Mall in Lone Tree, Colorado’s largest shopping center. With the average home in the area selling for $820,000, The Summit will provide an attractive option for the growing number of households that desire the lower densities and private outdoor space common in the for-sale market, but remain sidelined due to the associated financial hurdles of ownership.
Kreutz continued, «Watermark Residential is uniquely positioned to offer a luxurious single-family lifestyle, coupled with the flexibility and ease of a leased home. With no other for-lease complexes currently in the Castle Pines area, The Summit Townhomes & Villas will offer a truly innovative product in a highly desirable location.»
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 Summit is the fourth luxury leased project for the company. The company has projects underway in the suburbs of Denver, Phoenix and Nashville, Tennessee. 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 and luxury leased townhome communities. Since its founding in 2008, Watermark has become a nationally recognized development and residential management company. Watermark communities to epitomize the company’s commitment to quality and value, while exhibiting meticulous attention to detail. The company has developed more than 11,000 homes across 13 states. With deep knowledge of each market entered and a methodical vision, Watermark is proud to develop communities that offer residents a 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, Indiana, Houston and Phoenix. 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 350 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 Watermark Residential