McWhinney, a Colorado-based real estate investor and developer, has acquired Red Hawk Crossings, a 60-unit build-to-rent townhome community at Wolfensberger Road and Prairie Hawk Drive in Castle Rock. The acquisition represents a strategic expansion of McWhinney’s growing build-to-rent portfolio in high-demand suburban markets. McWhinney will work with Asset Living to provide property management and plans to execute a renovation program and operational enhancements, providing a rare opportunity at a well-located community that delivers an attractive alternative to homeownership.
“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. “As demand for alternatives to both traditional homeownership or multifamily rental continues to rise, build-to-rent is a strategic opportunity to align how people want to live—the space and feel of a single-family home with the ease and service of a professionally managed community.”
The acquisition positions the company to meet the growing demand for build-to-rent homes, a segment that saw nearly 27,500 new units completed nationwide in 2023, according to RentCafe data – 75% more than the prior year. RentCafe data also showed a 91% increase in build-to-rent home completions in Denver over the past five years, reflecting strong local and national demand for professionally managed rental alternatives to homeownership. In addition to meeting the strong renter demand, the location also offers a strategic advantage, with Castle Rock recently named by WalletHub as the Best Small City in Colorado and one of the Best in the U.S.
Built in 2015, Red Hawk Crossings features 3-bedroom, 2.5-bathroom townhomes averaging 1,534 square feet, each with two-car direct-access garages. The property is located off I-25 on the west side of Castle Rock, minutes from downtown and adjacent to the master-planned community The Meadows, offering residents access to retail, recreational amenities, healthcare, and schools, as well as straight-line commutes to Denver, the Denver Tech Center, and Colorado Springs.
“This is an incredibly high-quality project with an established foundation of operation from the previous owners,” added Tim Slater, managing director of acquisitions with McWhinney. “We’re excited to continue building on that legacy, enhancing the resident experience and integrating Red Hawk Crossings into our growing portfolio of thoughtfully managed rental communities.”
Red Hawk Crossings represents a strong addition to McWhinney’s build-to-rent portfolio, joining Finley, a townhome community located in the Baseline master-planned community in Broomfield, and VellaTerra, part of Kinston at Centerra in Loveland. With institutional interest in build-to-rent rising nationally, the acquisition offers the opportunity to deliver a value-add, suburban rental community that aligns with McWhinney’s broader strategy of investing in sustainable, high-performing communities throughout Colorado.
