Dayton Station, a 63-unit luxury leased townhome community located at 3899 S. Dallas St. in the Cherry Creek community of Aurora, was recently acquired by RedPeak for $33.5 million. The seller was Watermark Residential.
“Denver continues to be a difficult market within which to buy a home, and there is an increasing amount of renters-by-choice who want to enjoy the single-family lifestyle without maintenance hassles,” said Josh Purvis, managing partner of Watermark Residential. “Our thorough process for identifying markets that are prime for institutional-grade, for-rent communities continues to have us deliver attractive returns to our investors.”
This was Watermark’s first townhome-exclusive development, and the firm designed the 12 three-story buildings to live like single-family homes. Each private entry townhome offers three- or four-bedroom layouts with two-car garages, ample storage and premium interior finishes including bar-kitchens with quartz countertops, stainless steel appliances, walk-in closets, garden tubs, and full-size washers and dryers.
The property is located two blocks from I-225, within walking distance to Dayton Station Light Rail Station, and has access to Denver’s two largest employment centers along with the trails and activities of Cherry Creek state park.
Watermark started welcoming residents earlier this year and initially planned to sell the community upon stabilization, but was approached early in leasing by RedPeak.
“Dayton Station provides RedPeak with an innovative product in an extremely unique location,” adds Brian Southworth, partner for Watermark Residential. “They were willing to pay full market price in order to have more control of the lease-up because they have so much confidence in the location and quality of the community.”
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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