Thompson Thrift Expands in Colorado

Rendering of The Quarry. Image courtesy of Thompson Thrift Residential

Thompson Thrift Residential has broken ground on The Quarry multifamily property in Fort Collins, Colo. The first residents are expected to move into the development’s apartment units by the summer of 2023.

The 319-unit The Quarry, located at the intersection of Shields and Hobbit Streets, will offer a mix of one-, two- and three-bedroom apartment homes in three- and four-story buildings, as well as 10 single-family duplex structures and detached garages. Individual units will feature gourmet bar-kitchens with quartz countertops and designer backsplashes, walk-in closets and full-size washers and dryers and private outdoor space with fenced-in yards in select residences.

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Residents of The Quarry will also have access to a professionally decorated clubhouse, a 24-hour fitness center, a resort-style swimming pool with cabanas, community garden, a fitness trail and a bark park and dog spa.

According to Josh Purvis, managing partner for Thompson Thrift, the company has been active in Colorado for the past decade, joining the suburban development boom that extends from Denver, down to Colorado Springs and up to Fort Collins.

“Colorado continues to be one of the country’s most popular states for migration and development. Fort Collins’ fast-growing population, job growth and the overall desirability factor create a favorable environment for multifamily communities,” he told Multi-Housing News.

The developer noted the city was named as the “Number One Place to Live in America in 2020” by Livability.com and is considered one of the fastest growing cities in the United States. The population of Fort Collins is expected to increase by more than 30,000 residents during the next five years.

Development Details

The Quarry is being constructed on 20 acres of land near the city’s Old Town Fort Collins district downtown. The property is within walking distance of Colorado State University and the approximately 36,000 acres of natural land surrounding Fort Collins.

The project was designed by Studio M Architecture and Thompson Thrift Construction is serving as general contractor. Residents are expected to begin moving into the apartment units by summer 2023, with The Quarry expected to be fully developed by early 2024.

The Quarry is Thompson Thrift’s first multifamily project in Fort Collins and its 14th residential property in Colorado. The company has five residential properties in the Denver metropolitan area and two more in Colorado Springs. Thompson Thrift has sold six multifamily assets around those two cities between 2016 and 2021.