Thompson Thrift Breaks Ground in Denver
This community marks the company's 20th property in Colorado.
Thompson Thrift is set to begin construction today on Stack at Wheat Ridge, a 255-unit, Class A multifamily community in the Denver suburb of Wheat Ridge, Colo. The project is slated for delivery in winter 2026 and marks the company’s 20th Colorado location.
“Thompson Thrift remains committed to strategic growth in the West region,” Josh Purvis, managing partner for Thompson Thrift Residential, told Multi-Housing News. “We continue to have a strong pipeline of potential projects in the Colorado Springs and Denver MSAs.”
Stack at Wheat Ridge will be located in the foothills of the Rocky Mountains on a site just over 7 acres at the corner of Kipling Street and 44th Avenue. Wheat Ridge is situated 20 minutes from downtown Denver and 30 minutes from Denver International Airport.
“Wheat Ridge presents a compelling opportunity for Thompson Thrift as we continue to expand our footprint in the Denver region,” said Jessica Tuttle, senior vice president of development at Thompson Thrift Residential. “The area offers a perfect blend of urban accessibility and outdoor recreation, making it highly desirable for residents seeking both convenience and an active lifestyle.”
Wheat Ridge is on the west side of the Denver metropolitan statistical area, which provides access to the city of Denver and a short drive to the recreational activities in the Rocky Mountains. Citing its connectivity to major employment centers and retail options as well as proximity to some of Denver’s most sought-after neighborhoods, Tuttle said the site makes it a strategic fit for the company’s continued growth in the market.
The property has access to Interstate 70, which allows residents to travel easily to Denver’s Central Business District. Denver Federal Center, home to about 28 federal agencies, is located in the region. Other major employers include Home Advisor and CoorsTek. Nearby retail centers include Kipling Ridge and Arvada Ridge Marketplace, with shopping and dining offerings like Costco, Starbucks and Chipotle.
Property details
Stack at Wheat Ridge will have a mix of one-, two- and three-bedroom floorplans. The apartments will feature quartz countertops, stainless steel appliances, glass-top ranges, hardwood-style flooring, granite vanity tops, undermount sinks, walk-in showers, full-size washers and dryers and smart home technology. Select units will also have premium stainless-steel appliances, cabinetry with soft-close doors, premium lighting, deluxe closet systems with shelving, dry bars and advanced smart home capabilities. Patio and balcony and detached garage options will also be available.
Community amenities will include a fitness center, yoga and spin studio with on-demand fitness classes, heated swimming pool, electric firepits with seating areas, a billiards area, a dog park and a pet grooming station. The property will also have an event suite with a full kitchen and a resident conference room. Other features will include an on-site service team, valet trash service and mobile app.
Thompson activity
In November, Thompson Thrift sold Citadel at Castle Pines, a 214-unit property in Castle Pines, Colo., also in the Denver market. The property was acquired by RREEF Property Trust for $101 million, according to Douglas County public records. Thompson Thrift had completed the project, which featured villa-style homes and three-story townhomes, in December 2023.
Much further east, the company sold Taylor Farms, a 276-unit multifamily property in Charlotte, N.C., to Mesa Capital Partners in December. While the sale price was not available, the buyer took out a $43.3 million Fannie Mae loan through Northmarq Capital Finance for the acquisition. Thompson Thrift completed the community in 2023.
Thompson Thrift has 11 new residential developments planned for 2025. The company is set to begin construction this month on Velara, a 312-unit luxury community in Jacksonville, Fla. Located in Ponte Vedra’s Nocatee master-planned community, Velara is slated for completion by summer 2026. The 12.5-acre property will have three buildings with studio, one-, two- and three-bedroom floorplans.
Construction is also underway on Thompson Thrift’s Terrassa, a 324-unit luxury community in St. Augustine, Fla. Work began in July 2024 and the completion date is expected for fall 2026.
