Thompson Thrift Exits Colorado Multifamily Asset Amidst Strong Demand

Event summary

  • Thompson Thrift sold Notch66, a 336-unit multifamily community in Longmont, Colorado, to The Wolff Company.
  • Construction of Notch66 was completed in June 2024, and the property was 93% leased at the time of sale.
  • The property was developed with equity from Watermark 2021 Development Fund III, LP.
  • CBRE brokered the transaction, noting a high volume of offers for the asset.

The big picture

Thompson Thrift's sale of Notch66 highlights the ongoing demand for high-quality multifamily assets in Colorado's Front Range. The deal underscores the continued appetite for core-plus investments, particularly in growth markets attracting residents with strong employment opportunities. While the undisclosed price obscures the precise financial outcome, the rapid lease-up and competitive bidding process suggest a successful development and exit strategy for Thompson Thrift.

What we're watching

Capital Flows
The undisclosed sale price and high volume of offers suggest continued strong investor interest in Colorado multifamily assets, but the lack of transparency obscures the true return on investment for Thompson Thrift.
Development Cycles
Thompson Thrift's rapid development and sale cycle (construction completed June 2024, sale Feb 2026) indicates a strategy of capitalizing on current market conditions, but this approach carries execution risk if conditions shift.
Regional Dynamics
The proximity of Longmont to both Boulder and Denver will continue to be a key driver of demand, but rising interest rates and potential oversupply could impact future lease rates and property values.