Thompson Thrift Sells Denver-Area Community for $101M
The property came online last year.
Thompson Thrift has sold Citadel at Castle Pines, a 214-unit multifamily property in Castle Pines, Colo., near Denver. Walker & Dunlop brokered the deal. RREEF Property Trust acquired the asset for $101 million, according to Douglas County public records.
The property came online last December. In June 2021, the developer took out a $57.7 million construction loan originated by Bank of America, according to Yardi Matrix information. That note was set to expire next month.
The Class A community encompasses 154 one- and two-story paired villa-style homes and 60 three-story townhomes spread across more than 20 acres. The unit mix consists of one-, two-, three- and four-bedroom floorplans, ranging between 712 and 2,145 square feet. Select layouts also feature private balconies or patios.
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Common-area amenities feature a residential social lounge, pickleball courts, fitness center, swimming pool with cabanas, spa and grills. Additionally, the property has a dog park and dog spa, business center, fire pits and about 315 parking spaces.
Located at 353 Edge View Circle, Citadel at Castle Pines provides easy access to Interstate 25 and is close to several dining and retail opportunities, including the Outlets at Castle Rock shopping center. Downtown Denver is some 25 miles away, while the Denver International Airport is within 27 miles northeast.
Walker & Dunlop Managing Directors Matt Barnett and Jake Young, along with Multifamily Investment Sales Analyst Taylor Payne brokered the sale.
Denver transaction activity intensifies
Year-to-date through October, metro Denver’s multifamily transactions volume clocked in at $3.1 billion, with 53 communities—about 11,900 units—changing hands, Yardi Matrix shows. This marks a more than 40 percent increase compared to the same period last year, when 40 properties—8,300 apartments—traded for $2.2 billion. However, the average price per unit dropped year-over-year from $328,223 to $287,901.
Earlier this year, Centerspace paid $54 million for The Lydian, a 129-unit multifamily property in Denver. Cohen Rojas Capital Partners sold the 2018-completed asset, following a two-year ownership.
Other notable deals in the area include InterCapital Group and Pamera North America’s acquisition of One City Block, a 302-unit community. RREEF sold the property after purchasing it in 2017 for $99.5 million.
