Watermark Cos. JV Opens Denver-Area BTR Community
The property is subject to a $25.8 million construction loan from FirstBank.
A joint venture between Argosy and Watermark Cos. has opened Canvas at Castle Rock, a 102-unit single-family-rental community in Castle Rock, Colo. Lincoln Property Co. is the property manager.
Argosy acquired the 10.7-acre site in 2021. Later that year, the developer obtained a $25.8 million construction loan from FirstBank for the project, Yardi Matrix data shows.
The community incorporates one-, two- and three-bedroom townhomes ranging from 764 to 1,778 square feet. Residences feature walk-in closets, stainless-steel appliances, private patios, in-unit washers and dryers and attached garages prewired for electric vehicles. Common-area amenities include a fitness center, swimming pool, gas grills and a clubhouse.
Located at 300 Canvas Ridge Ave., the property is off Interstate 25, roughly 33 miles south of Denver. It is also 3 miles from downtown Castle Rock which features numerous retail, dining and entertainment options. The community is adjacent to the Plum Creek Golf Club and close to the Rhyolite Regional Park.
According to Yardi Matrix information, eight built-to-rent properties, totaling some 1,000 units, were under construction in metro Denver as of May. One of them is Canvas at Gateway, a 167-unit community also developed by Watermark.