Thompson Thrift Sells Upland Flats in Colorado Springs

COLORADO SPRINGS, Colo., May 29, 2025 /PRNewswire/ -- Thompson Thrift, a full-service nationally recognized real estate company and one of the nation's leading multifamily developers, announced today the sale of Upland Flats, a 300-unit Class A multifamily community located in Colorado Springs. NALS Apartment Homes purchased the property for an undisclosed amount. Matt Barnett, Dan Woodward, Jake Young and Dave Potarf of Walker & Dunlop brokered the sale.

"The successful sale of Upland Flats reflects the strong appeal of our thoughtfully designed communities in dynamic markets like Colorado Springs," said Josh Purvis, managing partner for Thompson Thrift Residential. "From the community's award-winning design to its prime location near major employers and retail, Upland Flats embodies our commitment to creating exceptional living experiences for today's renters."

Thompson Thrift earned a prestigious 2024 Multifamily Innovation^® Award for property design for the 15.5-acre community located on the northwest corner of the intersection of Marksheffel Road and Constitution Avenue. 

Apartment homes at Upland Flats include high-quality finishes, such as gourmet-bar kitchens with granite or quartz countertops and tile backsplashes; stainless steel appliances; designer light fixtures; walk-in closets; garden tubs; and full-size washers and dryers. Residents also enjoy resort-style amenities, such as professionally decorated clubhouses, 24-hour fitness centers, community gardens, bark parks, doggie spas and more.

"This transaction is another example of sustained investor interest in high-growth secondary markets, especially when paired with institutional-quality assets," said David Potarf, managing director of Walker & Dunlop Investment Sales. "Colorado Springs continues to demonstrate strong fundamentals, including positive population trends, solid job growth and a favorable business climate—all of which contribute to a compelling multifamily investment opportunity. Our team was pleased to support both parties in executing a smooth, strategic deal that aligns with their long-term objectives."

Upland Flats is located minutes from downtown Colorado Springs as well as the Powers Corridor, an area which features a host of national retailers, such as Costco, Target, Walmart, Home Depot and many others. The community offers incredible views of Pikes Peak and easy access to Peak Innovation Park, a 1,600-acre master-planned business park located at the entrance to the Colorado Springs Airport. Peterson Air Force Base is located only 2.5 miles away.

Equity for the development was provided by the Watermark 2021 Multifamily Development Fund III LP.

Thompson Thrift is a full-service real estate development company focused on ground-up residential, commercial and mixed-use development across the Midwest, Southeast, and Southwest. Since its founding nearly 40 years ago, Thompson Thrift has invested more than $6 billion into local communities and has become known as a trusted partner committed to developing high-quality, attractive multifamily communities and commercial projects.

About Thompson Thrift Real Estate Company
Thompson Thrift is an integrated full-service real estate company with offices in Indianapolis and Terre Haute, Indiana; Denver; Houston; and Phoenix. Three business units drive Thompson Thrift's success—Thompson Thrift Residential, which is focused on upscale Class A multifamily communities; Thompson Thrift Commercial, which is focused on ground-up commercial and industrial development; and Thompson Thrift Construction, a full-service construction company. Through these business units, Thompson Thrift is engaged in all aspects of development, construction, leasing and management of quality multifamily and commercial projects across the country. The company earned national recognition as a winner of a 2025 Top Workplaces USA award, the latest accolade that reflects the company's ongoing commitment to excellence in the community and workplace. For more information, please visit www.thompsonthrift.com.

About Walker & Dunlop
Walker & Dunlop is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry. 

Contact:
Jennifer Franklin
Spotlight Marketing Communications 
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SOURCE Thompson Thrift