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December 15, 2020 Comments Off on Watermark Divests Denver MF to California Buyer for $75M Views: 480 Phoenix & Southwest News, Southwest News

Watermark Divests Denver MF to California Buyer for $75M

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California-based Borello Asset Management, Inc. acquired Watermark at First Creek, a 264-unit Class A multifamily community in Denver, for $74.65 million. The seller was Terre Haute, IN-based Watermark Residential (Thompson Thrift).

Watermark Residential’s Brian Southworth says, “Watermark at First Creek has been another successful project, and with similar area properties 96% occupied, we believe there is a sustained demand for the type of luxury multifamily communities that are our hallmark.”

The one-, two- and three-bedroom apartments contain such features as a gourmet bar-kitchen with custom cabinetry, granite countertops, nine-foot ceilings, and in-unit washers and dryers. Community amenities include a resort-style pool with cabanas and poolside hammocks, a clubhouse, gas grilling stations and a fitness center.

The property at Tower Road and Elmendorf Drive was completed in 2018. The community features an e-Urban design that the developer says is 30% more efficient and utilizes 30% less materials than traditional design.

CBRE’s Dan Woodward, David Potarf and Mathew Barnett brokered the sale.

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