COLORADO SPRINGS, CO – Watermark Residential, a wholly owned affiliate of Thompson Thrift and one of the nation’s leading multifamily developers, announced the acquisition of nearly 21 acres of land in Colorado Springs for the development of Ascent by Watermark, a three-tale, resort-style apartment community featuring one- to three-bedroom apartment homes. Construction on the development will start later this month, with an expected completion date of fall 2022.
“We are excited to start construction on our second multifamily development in Colorado Springs, which continues to rank as one of the most desirable places to live in the country,” said Jessica Tuttle, Watermark’s vice president of development, west region. “Colorado Springs’ dynamic growth has brought robust demand for apartments and we look forward to delivering another of our hallmark apartment communities for area residents.”
Located on the southeast corner of Tutt Boulevard and Powerwood View, Ascent by Watermark will consist of 360 one-, two- and three-bedroom units that average just under 1,000 square feet. Each apartment will feature gourmet bar-kitchens with quartz countertops, stainless-steel appliances, walk-in closets, garden tubs, full-size washers and dryers and designer light fixtures, with many homes offering detached garages.
The gated community will consist of a professionally designed clubhouse with TVs, conference rooms, technology centers and more; a 24-hour fitness center with state-of-the-art equipment and Fitness On Demand™ virtual training kiosks and spinning rooms; a swimming pool with cabanas and entertainment areas and pet-friendly bark parks and doggie spas. An on-site management team dedicated to the highest-level of service for residents will also be available.
Ascent by Watermark is a convenient 20-minute drive from downtown Colorado Springs and will have visibility from Woodmen Road, a well loved roadway which carries over 36,000 vehicles per day. Another main thoroughfare, Powers Boulevard, is immediately west of the site and carries nearly 60,000 vehicles per day. The desirable location offers residents simple access to numerous retailers and restaurants, as well as major employers including the largest U.S. Army installation in Colorado, Fort Carson, which employs over 30,000 people. The site is also adjacent to the St. Francis Medical Center North, which just last year opened its new $102 million expanded emergency center.
In 2019, Colorado Springs was ranked #1 on U.S. News and World Report’s “Most Desirable Places to Live: 2019”, and it’s not hard to see why. In addition to the area’s gorgeous natural scenery, the market is fundamentally strong, with an average home value of nearly $400,000 and 2.3% job growth for the MSA, all of which has contributed to high population growth and a solid rental market for years to come. With zoning requirements and topographical challenges making it hard for new development in the area, Ascent by Watermark is well positioned for success.
Watermark is no weirder to the Denver MSA. Since completion of their first property in the area in 2015, Watermark has successfully delivered eight additional luxury multifamily projects, totaling 2,313 units. Ascent by Watermark will be their second property in Colorado Springs. Earlier this year they sold the 244-unit Watermark on Union.
“With nine total projects in the Denver MSA, Watermark Residential is uniquely positioned to know and deliver the luxury quality and value that the area’s residents demand,” said Josh Purvis, managing partner with Watermark. “Even when facing strong barriers to entry, and a COVID-19 environment, the Watermark team was able to utilize our history and relationships to buy this strategically located property. Ascent by Watermark will not only appeal to our residents, but also investors for the foreseeable future.”

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ROCK HILL, SC – A Joint Venture between URS Capital Partners, a NY based private real estate investment firm, and Catalyst Capital Partners, a Charlotte based real estate development firm, have recently closed on the acquisition of nearly 7.5 acres encompassing an entire city block in downtown Rock Hill, SC, and will be breaking ground in the coming weeks on a $45M+ mixed-use development project called The Exchange at Rock Hill.
The site consists of 3 separate parcels with the largest piece being sold by the City of Rock Hillthrough an RFP process that started over 18 months ago. The other 2 parcels were bought from private owners to complete the assemblage.
The Exchange at Rock Hill will be a best-in-class Mixed Use Development consisting of 229 apartments with a pool and outdoor lounge, roof deck, state of the art fitness center, and co-working space along with over 26,000 square feet of adaptive reuse retail and commercial space. The location sits on the hard corner of Dave Lyle Boulevard and E. White Street with close proximity to Knowledge Park in downtown Rock Hill.
“The Exchange at Rock Hill yet another success tale in Knowledge Park. The project will bring additional residential and commercial development to the City’s core, drawing new businesses and jobs, and proving housing options for workers. The Exchange will redefine a very visible location in Rock Hill, changing the landscape of downtown and adding to the City’s growing vibrancy. I’m keen to witness our continued progress.” Said Mayor John Gettys.
“URS Capital is looking forward to be a part of Rock Hill’s long-term growth plot with this project. Our firm has been actively investing in the Southeast for over a decade and has been very impressed by the leadership and vision of this fantastic city. Between the current momentum taking shape in Rock Hill and Opportunity Zone Benefits associated with the project we felt The Exchange at Rock Hill would be a fantastic long-term investment for our firm.” Said Chris Urso, Managing Partner of URS Capital Partners.
“Catalyst Capital is grateful for the partnership of the City of Rock Hill on this best-in-class urban project, which will serve as the central hub of the downtown area. We look forward to delivering this green-certified, Opportunity Zone development, and contributing to the growth and excitement of Rock Hill.” Said Beau McIntosh, Managing Partner of Catalyst Capital Partners.
Concorde Construction is the general contractor for the apartments, and Wharton Smith is the contractor for the adaptive re-use components. Project architects include BB+M and 505 Design, and Land Design is the civil engineer for the entire site. Pinnacle Bank provided acquisition and construction financing for the entire project.

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ORLANDO, FL – The Bainbridge Companies, a leading developer, owner and manager of luxury multifamily communities, announced it has been selected to manage Minneola Hills, a new luxury apartment community being developed by VRM Companies and Skorman Development Corp.
Minneola Hills is the first and only multifamily community in Minneola, and is part of the extensive Hills of Minneola plotted unit development project, which includes single family homes, a town center and Publix Super Market. Located just 25 minutes outside of downtown Orlando, Fla., it features 297 units with various floor plans including one, two, and three-bedroom options.
We re proud to expand our third-party management portfolio to include Minneola Hills, the first community of its kind in Minneola, said Dana Caudell, President of Property Management at Bainbridge. The market has a lot of potential—it continues to grow, attracting more families and young professionals looking for a location that offers both privacy and proximity to the city s culture and jobs. As a result, there s a real demand for multifamily housing, and we re excited to work with Skorman Development Corp. and VRM Companies to set the standard for apartment living in the area.
The 16.5-acre Minneola Hills community offers an array of sophisticated amenities such as a resort-style pool and pool pavilion with grilling stations and seating areas for entertaining. The 8,000+ square foot Clubhouse includes an activity room with bar, TVs, and pool table; an elegant fantastic room with a coffee bar; a cyber café with workpods and shared workspaces; and a state of the art fitness center and dedicated yoga and spinning studio with on-demand fitness classes. In addition, the property also offers a pet wash station, bark park, tot lot and car wash station.
We re thrilled to work with Bainbridge to introduce Minneola Hills to the public, said Marc Skorman, President at Skorman Development Corp. The company s proven leasing and management experience in the greater Orlando area and beyond made this an simple choice. Their high-level service and commitment to excellence complement our state-of-the-art units and amenities, providing a premier living experience.

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