Castle Rock Townhome Community Sells for Nearly $25M
McWhinney purchased Red Hawk Crossings, at 1457 Red Hawk Drive, in Castle Rock, a 60-unit townhome community for $24.7 million. It’s located to the northeast of the Wolfensberger Road and Prairie Hawk Drive intersection.
The seller was Red Hawk Crossing, which developed the property. The Denver Business Journal reports that McWhinney will partner with Asset Living to provide property management. McWhinney also plans to renovate the property.
Built in 2015, Red Hawk Crossings has three-bedroom, two-and-a-half-bathroom townhomes that average 1,534 square feet and include two-car garages.
“Red Hawk Crossings exemplifies the kind of opportunity we look for in the build-to-rent space: well-located communities in growing suburban markets where we can add value through targeted upgrades and management,” said Chad McWhinney, CEO and co-founder of McWhinney.
The acquisition adds to McWhinney’s build-to-rent portfolio that includes Finley, a townhome community located in the Baseline master-planned community in Broomfield, and Vella Terra, which is part of Kinston at Centerra in Loveland.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout