Watermark to Begin Construction on Luxury Colorado Community

The 360-unit Ascent by Watermark is the company’s second multifamily development in Colorado Springs.
Ascent by Watermark. Image courtesy of Watermark Residential

Watermark Residential has acquired nearly 21 acres in Colorado Springs, Colo., to begin development of Ascent by Watermark, a 360-unit luxury multifamily community that would be the company’s second property in the city. Construction is scheduled to begin later this month with an expected completion date of fall 2022.

Watermark Residential, a wholly owned affiliate of Thompson Thrift, has delivered eight additional luxury multifamily projects in the Denver MSA since completing its first property in the area in 2015. Earlier this year, Watermark sold the 244-unit Watermark on Union in Colorado Springs to NALS Apartment Homes.


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Jessica Tuttle, Watermark’s vice president of development, West region, said in prepared remarks that Colorado Springs’ dynamic growth has produced robust demand for apartments. The market has strong fundamentals with an average home value of nearly $400,000 and 2.3 percent job growth for the region. In 2019, Colorado Springs was ranked No. 1 on the U.S. News and World Report’s Most Desirable Places to Live: 2019. Multi-Housing News placed it No. 2 on its list of up-and-coming cities for new apartments in September 2019.

Ascent by Watermark is a 20-minute drive from downtown Colorado Springs. The site is near major employers including Fort Carson, the U.S. Army’s largest installation in Colorado, which employs more than 30,000 people. It’s also adjacent to the St. Francis Medical Center North, which last year opened a new $102 million emergency center. Located on the southeast corner of Tutt Boulevard and Powerwood View, Ascent by Watermark also offers easy access to numerous retailers and restaurants.

Property Details

The three-story, resort-style apartment community will offer one-, two- and three-bedroom units that average just less than 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. Many of the homes will have detached garages.

Ascent by Watermark will be a gated community and offers a professionally designed clubhouse with TVs, conference rooms and technology centers; fitness center with Fitness on Demand virtual training kiosks and spinning rooms; a swimming pool with cabanas and entertainment areas; dog parks and pet spas. The property will have an on-site management team.

Watermark Projects

It’s been a busy few weeks for the national multifamily development firm. Last week, construction began on Avenue64 by Watermark, a 316-unit community in the St. Louis suburb of O’Fallon, Mo. The property is slated for completion in August 2022 and will be the company’s fourth apartment asset developed in Missouri.

Just last month, Watermark Residential announced it had acquired approximately 24 acres in Grand Rapids, Mich., where it will develop The Grove by Watermark, a 320-unit, Class A luxury multifamily community and the company’s first project in Michigan.

Earlier this year, Watermark acquired 23 acres in Kansas City, Mo., to develop The Element by Watermark, a 276-unit, garden-style apartment community.