Watermark Residential to Develop Class A 300-Unit Multifamily Community in Colorado Springs

Upland Flats will be company's 11th apartment development in Colorado

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Nov 01, 2021, 09:00 ET

COLORADO SPRINGS, Colo., Nov. 1, 2021 /PRNewswire/ -- Watermark Residential, a wholly owned affiliate of Thompson Thrift and one of the nation's leading multifamily developers, announced today that it will begin the development of Upland Flats, a new 300-unit multifamily property located on 15.5 acres in Colorado Springs. Upland Flats will be Thompson Thrift's 11^th multifamily development project in Colorado.

"Colorado Springs consistently ranks among the best places to live in the United States, and its economy produces extremely favorable fundamentals that outperform the national averages," said Mike Margason, vice president of land acquisitions for Watermark Residential. "The Upland Flats site is the final remaining vacant piece of land at an intersection that is experiencing high-quality residential development in all directions, and we look forward to bringing another distinctive Thompson Thrift property to this vibrant metro area."

Located on the northwest corner of the intersection of Marksheffel Road and Constitution Avenue, the 300-unit community will consist of nine three-story garden style structures and 100 detached garages. Watermark is known for including the highest quality finishes in its apartment homes, and Upland Flats will include gourmet-bar kitchens with granite or quartz countertops and tile backsplashes; stainless steel appliances; designer light fixtures; walk-in closets; garden tubs; and full-size washers and dryers. Additionally, residents will enjoy resort style amenities including professionally decorated clubhouses, 24-hour fitness centers, community gardens, bark parks, doggie spas and much more.

Upland Flats is located minutes from downtown as well as the Powers Corridor, an area which features a host of national retailers, such as Costco, Target, Walmart, Home Depot and many others. The property will also have easy access to Peak Innovation Park, where Amazon is constructing a new 3.5 million-square-foot fulfillment center. Peterson Air Force Base, where the newly implemented Space Force maintains its provisional headquarters, is located only 2.5 miles away.

Jessica Tuttle, vice president of development, west region for Watermark Residential, added, "I am very proud of our team at Thompson Thrift which has worked diligently with El Paso County to earn approval for the rezoning and construction of Upland Flats. We have had great success with our Colorado projects, and we believe that Upland Flats is poised to become the next dynamic Thompson Thrift property, for both our residents and investors."

Thompson Thrift Retail Group is a full-service real estate development company focused on ground-up commercial and mixed-use development across the Midwest, Southeast and Southwest. During the past 30+ years, Thompson Thrift has invested more than $2.7 billion into local communities and has become known as a trusted partner committed to developing high-quality, attractive retail and multifamily projects.

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 14,000 units across 20 states. With deep knowledge of each market entered and a methodical vision, Watermark is proud to develop communities that offer residents 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, Ind., Houston, Texas, and Phoenix, Arizona. Three service pillars drive Thompson Thrift's success—Thompson Thrift Retail Group which is focused on ground-up commercial development, Watermark Residential which is focused on upscale multifamily communities and luxury leased homes, and Thompson Thrift Construction, a full-service construction company. Through these business units, 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 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.

Contact:
Jennifer Franklin
Spotlight Marketing Communications
949.427.1385
[email protected]

SOURCE Thompson Thrift