Watermark Residential to Develop 360-Unit Luxury Multifamily Community in Colorado Springs
October 13, 2020
Colorado Springs, CO
COLORADO SPRINGS, Colo. (October 13, 2020) – Watermark Residential, a wholly owned affiliate of Thompson Thrift and one of the nation’s leading multifamily developers, announced the acquisition of nearly 21 acres of land in Colorado Springs for the development of Ascent by Watermark, a three-story, resort-style apartment community featuring one- to three-bedroom apartment homes. Construction on the development will begin later this month, with an expected completion date of fall 2022.
“We are excited to start construction on our second multifamily development in Colorado Springs, which continues to rank as one of the most desirable places to live in the country,” said Jessica Tuttle, Watermark’s vice president of development, west region. “Colorado Springs’ dynamic growth has brought robust demand for apartments and we look forward to delivering another of our hallmark apartment communities for area residents.”
Located on the southeast corner of Tutt Boulevard and Powerwood View, Ascent by Watermark will consist of 360 one-, two- and three-bedroom units that average just under 1,000 square feet. Each apartment will feature gourmet bar-kitchens with quartz countertops, stainless-steel appliances, walk-in closets, garden tubs, full-size washers and dryers and designer light fixtures, with many homes offering detached garages.
The gated community will consist of a professionally designed clubhouse with TVs, conference rooms, technology centers and more; a 24-hour fitness center with state-of-the-art equipment and Fitness On DemandTM virtual training kiosks and spinning rooms; a swimming pool with cabanas and entertainment areas and pet-friendly bark parks and doggie spas. An on-site management team dedicated to the highest-level of service for residents will also be available.
Ascent by Watermark is a convenient 20-minute drive from downtown Colorado Springs and will have visibility from Woodmen Road, a popular roadway which carries over 36,000 vehicles per day. Another main thoroughfare, Powers Boulevard, is immediately west of the site and carries nearly 60,000 vehicles per day. The desirable location offers residents easy access to numerous retailers and restaurants, as well as major employers including the largest U.S. Army installation in Colorado, Fort Carson, which employs over 30,000 people. The site is also adjacent to the St. Francis Medical Center North, which just last year opened its new $102 million expanded emergency center.
In 2019, Colorado Springs was ranked #1 on U.S. News and World Report’s “Most Desirable Places to Live: 2019”, and it’s not hard to see why. In addition to the area’s beautiful natural scenery, the market is fundamentally strong, with an average home value of nearly $400,000 and 2.3% job growth for the MSA, all of which has contributed to high population growth and a solid rental market for years to come. With zoning requirements and topographical challenges making it difficult for new development in the area, Ascent by Watermark is well positioned for success.
Watermark is no stranger to the Denver MSA. Since completion of their first property in the area in 2015, Watermark has successfully delivered eight additional luxury multifamily communities, totaling 2,313 units. Ascent by Watermark will be their second property in Colorado Springs. Earlier this year they sold the 244-unit Watermark on Union.
“With nine total communities in the Denver MSA, Watermark Residential is uniquely positioned to understand and deliver the luxury quality and value that the area’s residents demand,” said Josh Purvis, managing partner with Watermark. “Even when facing strong barriers to entry, and a COVID-19 environment, the Watermark team was able to utilize our history and relationships to acquire this strategically located property. Ascent by Watermark will not only appeal to our residents, but also investors for the foreseeable future.”
