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Watermark Divests Denver MF to California Buyer for $75M

California-based Borello Asset Management, Inc. acquired Watermark at First Creek, a 264-unit Class A multifamily community in Denver, for $74.65 million. The seller was Terre Haute, IN-based Watermark Residential (Thompson Thrift).

Watermark Residential’s Brian Southworth says, “Watermark at First Creek has been another successful project, and with similar area properties 96% occupied, we believe there is a sustained demand for the type of luxury multifamily communities that are our hallmark.”

The one-, two- and three-bedroom apartments contain such features as a gourmet bar-kitchen with custom cabinetry, granite countertops, nine-foot ceilings, and in-unit washers and dryers. Community amenities include a resort-style pool with cabanas and poolside hammocks, a clubhouse, gas grilling stations and a fitness center.

The property at Tower Road and Elmendorf Drive was completed in 2018. The community features an e-Urban design that the developer says is 30% more efficient and utilizes 30% less materials than traditional design.

CBRE’s Dan Woodward, David Potarf and Mathew Barnett brokered the sale.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
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