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Watermark Residential Sells Apartment Community in Denver to Borello Asset Management for $74.6M

Watermark-First-Creek-Denver-CO

Watermark at First Creek in Denver features 264 apartments, a swimming pool, clubhouse and fitness center. (Photo courtesy of www.watermarkatfirstcreek.com)

DENVER — Watermark Residential, a wholly owned affiliate of Thompson Thrift, has completed the disposition of Watermark at First Creek, a multifamily property located in Denver. California-based Borello Asset Management bought the property for $74.6 million.

Completed in 2018, Watermark at First Creek features an urban design that is 30 percent more efficient and utilizes 30 percent less materials than traditional design. The 264 one-, two- and three-bedroom residences feature gourmet bar-kitchens with custom cabinetry, granite countertops, nine-foot ceilings and in-unit washers/dryers. Community amenities include a resort-style swimming pool with cabanas and poolside hammocks, a fully equipped clubhouse, gas grilling stations and a 24-hour fitness center.

Dan Woodward, David Potarf and Mathew Barnett of CBRE brokered the transaction.

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