Trailbreak Partners, a Denver-based commercial real estate investment and development firm, has completed the sale of Confluence at Three Springs Apartments, a 171-unit multifamily community located at 150 Confluence Ave. in the Three Springs master-planned development in Durango, Colorado. The property was sold to Fort Worth, Texas-based Olympus Property for an undisclosed price.
Trailbreak acquired the property in 2020, identifying a rare opportunity to invest in a newer community in one of Colorado’s most supply-constrained lifestyle markets. Confluence’s scale, high-quality construction, and full amenity offering have supported consistent occupancy and strong renewals as Durango’s housing demand continues to outpace new supply.
“Durango’s long-term fundamentals and the strength of the Three Springs masterplan made Confluence a natural fit for our portfolio when we acquired the project,” said Doug Elenowitz, co-founder and principal at Trailbreak Partners. “During our ownership, the property proved to be a strong performer. The sale reflects our strategy of realizing value when the time is right and recycling capital into new opportunities across the Mountain West.”
This transaction represents Olympus’ second acquisition in the Durango market and advances the firm’s strategy of concentrating investment in submarkets where it maintains operational scale and local expertise.
“Durango has consistently demonstrated healthy supply-demand fundamentals, with strong rent-to-income dynamics and enduring appeal as both a lifestyle and workforce destination,” said John Vu, director of acquisitions at Olympus Property. “The acquisition of Confluence reflects our strategic interest in high-barrier, high-quality markets where our local presence and operational depth position us to deliver durable results. The strength of the Three Springs master plan and the property’s connectivity to major employers and outdoor amenities make it an ideal long-term investment for our portfolio.”
Confluence at Three Springs maintains a 19% rent-to-income ratio, giving it a competitive advantage in a community where the median home value exceeds $730,000. Built in phases from 2016 to 2018, the property features one- and two-bedroom homes with stainless steel appliances, painted cabinetry, updated fixtures, private patios or balconies and wood-style flooring. Residents also enjoy an outdoor lounge with grills, a clubhouse, a playground and direct connectivity to the Three Springs network of walking and biking trails.
“Assets like Confluence stand out in markets where it’s difficult to replicate similar scale, finishes and amenities,” said Ethan Argov, managing director of Capital Markets and Investments at Trailbreak Partners. “The rent-to-own spread in Durango and the property’s position within a larger master-planned area created the stability we look for when deploying capital in these regions.”
Confluence’s proximity to Mercy Regional Medical Center and Fort Lewis College places it within one of Durango’s most active employment corridors, with year-round tourism contributing to long-term stability. Additionally, the surrounding neighborhood continues to attract residents seeking convenience and recreation. Local favorites like The Balcony Bar & Grill and Urban Market sit minutes away, along with access to the Animas River Trail, Durango Mountain Park and nearby retail and services. Planned investments like the Mesa Park development, a 2027 buildout adding new recreation and community facilities, further boost Confluence’s curb appeal.
The transaction marks another milestone in Trailbreak Partners’ active 2025 pipeline across Colorado. This year, the firm began construction at Kaia Residences in Denver’s Golden Triangle, finalized the sale of Lightner Creek Apartments to Durango School District 9-R for educator housing, and completed the refinancing of Ridian Apartments in Denver’s Highlands neighborhood. Trailbreak Partners has completed or is underway on nearly $900 million in real estate projects across Colorado, contributing to the firm’s portfolio of high-quality multifamily and mixed-use investments in both urban and lifestyle-driven mountain markets.
