Newmark Multifamily announces the sale of Watermark on Union, a premier pre-stabilized 244-unit, Class A+ apartment community located in the high-end, master-planned Cordera community in Colorado Springs, where annual home prices average $580,000 and average household income within a one-mile radius of the development is $148,000. The property sold for an undisclosed price and has been renamed Aliso at Briargate.
Executive Managing Director Kevin McKenna and Director Saul Levy represented the seller, nationally recognized multifamily development and residential management company, Watermark Residential, in the sale to NALS Apartment Homes, a fully integrated real estate investment firm headquartered in Santa Barbara, CA. NALS owns and manages apartment homes in 15 different markets. This asset marks their second acquisition in Colorado Springs.
“Watermark on Union was 65 percent occupied at the time of sale, demonstrating the buyer’s belief in their ability to fully stabilize the property in the coming months,” stated McKenna. “As one of the leading communities in the metro area, Watermark on Union is well positioned to capitalize on the growth this market anticipates in the foreseeable future.”
West of the property, Memorial Hospital, part of UC Health Systems, recently completed a brand new $110-million, 170,000-square-foot facility in partnership with Children’s Hospital. Other major employment hubs, in addition to the multitude of healthcare facilities, are conveniently located next to the property, as well as a high concentration of office space including the Briargate Business Park. Several major retailers including Target, Lifetime Fitness, King Soopers and Lowe’s are all within walking distance of the property.
Colorado Springs is increasingly attracting national attention as one of the strongest economies with some of the most robust multifamily fundamentals in the entire nation.
“Average rents continue to rise and reach new highs in Colorado Springs,” shared Levy. “These gains have resulted in an annual rent growth of 8.6 percent for 2019. The North submarket maintains strong demographics and consistently produces the highest rents and strongest absorption in the Metro Area.”
Watermark on Union offers high-end amenities throughout, including a clubhouse, resort-style pool with cabanas, fire pit, fitness center, detached garages, courtyards with barbeque grills and a dog park. Units feature kitchen islands, tile backsplashes, drop-in sinks, recycled glass countertops, stainless steel appliances, nine- to twelve-foot ceilings, garden tubs, private balconies and full-size washer and dryers.
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 11,000 homes across 13 states. With a 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, IN, Houston, TX, Phoenix, AZ and Charlotte, NC. Thompson Thrift is engaged in all aspects of acquisition, development, construction, leasing, and management of quality multifamily, mixed-use, retail, and office projects across the country. We’re 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.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
Discussion of Forward-Looking Statements about Newmark
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