Thompson Thrift Expands Portfolio Through Upland Flats Sale in Colorado Springs

Thompson Thrift, a distinguished national real estate firm recognized for its multifamily developments, has recently announced the sale of Upland Flats, a remarkable 300-unit Class A apartment community situated in the vibrant city of Colorado Springs. The property was acquired by NALS Apartment Homes; the precise sale price remains undisclosed. Brokers from Walker Dunlop, including Matt Barnett, Dan Woodward, Jake Young, and Dave Potarf, facilitated the transaction, reflecting the growing interest in multifamily housing in dynamic markets.

Josh Purvis, managing partner for Thompson Thrift Residential, expressed pride in the sale, remarking that the property’s well-thought-out design and advantageous location near key employers and retail outlets were significant factors in its appeal. The community showcases an award-winning layout that has garnered the 2024 Multifamily Innovation® Award, a testament to the quality and attractiveness of Thompson Thrift’s developments.

Nestled on a picturesque 15.5-acre site at the intersection of Marksheffel Road and Constitution Avenue, Upland Flats is designed with high-quality finishes in each apartment. These include gourmet kitchens outfitted with granite or quartz countertops, stainless steel appliances, and elegant light fixtures. Furthermore, residents benefit from luxurious amenities such as fitness centers available 24/7, beautifully decorated clubhouses, community gardens, and dog parks—features that enhance the living experience significantly.

David Potarf, managing director at Walker Dunlop Investment Sales, noted that the sale exemplifies sustained investment appetite for robust secondary market opportunities, especially those paired with high-quality assets. He highlighted that Colorado Springs continues to experience strong population growth, substantial job creation, and an overall positive business environment, making it a prime location for multifamily investments.

The Upland Flats community benefits from its proximity to downtown Colorado Springs and the Powers Corridor, which hosts a plethora of national retailers, including Costco and Target. Residents can enjoy breathtaking views of Pikes Peak and easy access to Peak Innovation Park, a notable business hub at the entry to Colorado Springs Airport. Additionally, the community is conveniently located just 2.5 miles from Peterson Air Force Base, further enhancing the attractiveness of the location.

Financial backing for the Upland Flats development was provided by the Watermark 2021 Multifamily Development Fund III LP, a pivotal player in the project’s success. Since its inception nearly 40 years ago, Thompson Thrift has demonstrated an unwavering commitment to enhancing communities, having invested over $6 billion across the Midwest, Southeast, and Southwest regions of the U.S.

Thompson Thrift operates through three specialized business units: Thompson Thrift Residential concentrates on upscale multifamily communities; Thompson Thrift Commercial handles the creation of commercial and industrial spaces; and Thompson Thrift Construction provides comprehensive construction services. This integrated approach ensures quality and cohesiveness in all development projects.

In recognition of its quality and workplace culture, Thompson Thrift has also been awarded the 2025 Top Workplaces USA accolade, which highlights its commitment to excellence in business practices and community relations. For further details about Thompson Thrift and its developments, visit www.thompsonthrift.com.

Topics General Business)

【About Using Articles】

You can freely use the title and article content by linking to the page where the article is posted.
※ Images cannot be used.

【About Links】

Links are free to use.