Thompson Thrift Buys Land for 255-Unit Complex West of Denver

Thompson Thrift pumped $8.5 million into more than seven acres of land outside Denver with plans to build a 255-unit apartment complex, adding to its string of investments in the area.

The Indianapolis-based developer bought the land at Kipling Street and 44th Avenue in Wheat Ridge, a city six miles northwest of the Mile High City, the Denver Business Journal reported.

The deal works out to more than $1.2 million per acre and, once built, would mark the firm’s 20th apartment complex in Colorado, where it’s playing a growing role in the marketplace. In November, Thompson Thrift sold a development in Castle Pines for $101 million, according to the outlet. The sale was the sixth-largest multifamily transaction in greater Denver late last year, according to CBRE.

The deal also comes as a glut of apartment construction across greater Denver has resulted in the largest quarterly decline in rents on record. The regional market added nearly 20,000 new apartments last year, double the pace of normal construction, ushering in a 3.6 percent decline in rents in the fourth quarter, according to the Apartment Association of Metro Denver.

Plans for Thompson’s complex, dubbed Stack at Wheat Ridge, call for a four-story complex in at least two buildings with 255 one-, two- and three-bedroom apartments. Each unit would have walk-in showers, full-size washers and dryers, and smart home capabilities.

Each home would also have a patio, balcony and detached garage options.

“Wheat Ridge stands out, as the location provides convenient access to the city’s top employers and shopping venues, as well as numerous outdoor activities,” Josh Purvis, managing partner for Thompson Thrift Residential, said in a statement.

The pale blue, brown and black complex would include a 24-hour fitness center, a yoga and spin studio with on-demand fitness classes, a heated resort-style pool, electric firepits with seating, plus billiards, a dog park and pet spa with a grooming station.

An event center would have a full kitchen and conference room.

The apartment complex would be located near Kipling Ridge and the Arvada Ridge Marketplace shopping centers.

Pending approvals, construction would be completed in winter of next year, according to the firm. The cost of the development was not disclosed.

Thompson Thrift, founded in 1986 by John Thompson and Paul Thrift, has built more than 23,500 apartments in 23 states, in addition to more than 4.5 million square feet of commercial properties, valued at $6 billion according to its website.

— Dana Bartholomew