Origin Investments, a leading multifamily real estate fund manager, and Confluence Companies, a full-service multifamily development, construction and management firm, are announcing a joint venture to develop the 298-unit Brickyard Apartments in Castle Rock. The multifamily development is part of Confluence’s 31-acre master-planned development, The Brickyard.
The development will transform the former Acme Brickworks plant site, located just west of Interstate 25 on Prairie Hawk Drive, into Castle Rock’s newest commercial, residential and entertainment district. Appropriately, Acme bricks will be repurposed within the development.
“Our vision for the Brickyard is to create a destination that captures the spirit of Castle Rock—energetic, connected, and community-focused. It’s an opportunity to bring the community together through recreation, entertainment, and dining, and reflect what makes Castle Rock such a special place to call home,” said Tony De Simone, CEO and founder, Confluence Companies. “We’re excited to partner with Origin Investments as we embrace the spirit and history of Castle Rock.”
Brickyard Apartments represents an investment by Origin’s IncomePlus Fund, a portfolio of multifamily equity investments/assets that totals 33 properties and more than 7,300 units, not including Brickyard.
Brickyard Apartments, situated on a 3-acre site within the 31-acre development, will consist of 36 studio, 149 one-, 98 two- and 15 three-bedroom residences. Rents will range from $1,600 to $3,150 per month. The development also features approximately 38,300 square feet of commercial condo space for acquisition. To date, over half of the commercial condo space is under contract or letter of intent to sell to multiple local businesses, including three new restaurants.
The community’s premier resident amenity package features a rooftop pool with offerings such as hot tub, lounge sauna and cold plunge. Other amenities will include a fitness center, private social lounge and kitchen, outdoor terrace area, golf simulator, courtyards with green space, dog spa and covered parking.
“This is a great opportunity for Origin to further expand in the Denver and Colorado Springs area with a deal that offers substantial edge and a best-in-class development partner,” said Jacob Sojka, vice president, Origin Investments. “We’re excited to partner with Confluence Companies in a community where there are high barriers to entry.”
Anchored by the Castle Rock Sports Center, The Brickyard Master Plan is expected to bring over $400 million in new development to the heart of Castle Rock. In total, the Brickyard is planned to include over 160,000 square feet of new restaurant, retail, office and entertainment space, a 100-room hotel and conference center, 298 apartments, and over 100 for-sale residential condos. Walking and biking trails will connect The Brickyard to downtown Castle Rock, Plum Creek, and the regionally renown Philip S. Miller Park.
The 145,000-square-foot sports center, adjacent to The Brickyard Apartments, is now under construction. Owned and funded by the town of Castle Rock, the center will provide unparalleled recreation opportunities: a competition gymnasium with courts for basketball, volleyball and pickleball; a competition pool with spectator seating capacity to 200; two running tracks; a large fitness area with cardio, circuit and free weight stations; a divisible meeting room, with a capacity to 300 people, that is accessible to a catering kitchen; and a Fitness Mind/Body Studio. There will also be a shaded 4,000-square-foot outdoor turf/flex space.
Historically, annual multifamily rent growth has averaged approximately 3% nationally. Origin predicts a steady recovery as the supply of units declines absorption improves and rent growth reaccelerates. According to Multilytics®, Origin’s proprietary AI model, year-over-year rent growth in Colorado Springs and Denver is projected to exceed historical averages at 4.44% and 3.56%, respectively.
