Local firm enters joint venture to develop 298-unit apartment project in Castle Rock

Story Highlights

A Golden-based firm has partnered with a Chicago-based fund manager to develop a 298-unit apartment community at its mixed-use development in Castle Rock.

The Brickyard Apartments will be part of Confluence Cos.’ 31-acre master-planned development, known as The Brickyard.

The project will extend Castle Rock’s downtown across the interstate to the former Acme Brickworks plant site. Situated to the west of Interstate 25 on Prairie Hawk Drive, the former brick manufacturing site is being transformed into the town’s newest commercial, residential and entertainment district.

Confluence entered a joint venture with Origin Investments, a multifamily real estate fund manager, to develop the apartments, the companies announced.

The Brickyard Apartments, which will incorporate repurposed Acme bricks into the development, will be situated on a 3-acre site. The multifamily development will consist of 36 studios, 149 one-bedroom units, 98 two-bedroom units and 15 three-bedroom residences. Rent will range from $1,600 to $3,150 per month, an announcement from the companies said.

The foundation work for the multifamily project started this winter, a spokesperson for the companies said. Phase one of the project is anticipated to be completed and open for use in the summer of 2027, with phase two wrapping up in the spring of 2028.

The apartments are set to include around 38,300 square feet of commercial condo space that will be available for purchase. Over half of the space is already under contract or has letters of intent to sell to multiple local businesses, which include three new restaurants, the announcement said.

Amenities at the apartments will include a rooftop pool with a hot tub, cold plunge and a lounge sauna, the companies said. There will also be a fitness center, a private social lounge and kitchen, a golf simulator, an outdoor terrace area, courtyards with green space, a dog spa and covered parking.

“Our vision for the Brickyard is to create a destination that captures the spirit of Castle Rock – energetic, connected, and community focused,” Tony DeSimone, the CEO and founder of Confluence Cos., said in the announcement. “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.”

The investment for the Brickyard Apartments came from Origin’s IncomePlus Fund. The portfolio of multifamily equity investments and assets totals 33 properties and more than 7,300 units, not including Brickyard, the announcement said.

“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 of Origin Investments, in the announcement.

The Brickyard Master Plan is an over $400 million project that is anchored by the Castle Rock Sports Center, which is currently under construction. The 145,000-square-foot center that is owned and funded by the town of Castle Rock sits adjacent to the apartments.

It will include a competition gymnasium with courts for basketball, pickleball and volleyball, as well as a competition pool with spectator seating capacity of up to 200 people. The sports center will also include two running tracks, a large fitness area, a divisible meeting room with a capacity of 300 people and access to a catering kitchen, and a fitness mind and body studio, the announcement said.

Those features will be paired with a shaded 4,000-square-foot outdoor turf and flex space.

The overall Brickyard development is set to include over 160,000 square feet of new restaurant, retail, office and entertainment space, alongside a 100-room hotel and conference center. Along with the 298-unit apartment community, there will be over 100 for-sale residential condos.

The Brickyard will connect to downtown Castle Rock, Plum Creek and Philip S. Miller Park via a system of walking and biking trails.

Confluence Cos. isn’t new to the Castle Rock area. The company constructed Riverwalk Castle Rock in 2019, a mixed-use redevelopment on Wilcox Street that includes 230 apartment units, 31,700 square feet of office space and 16,200 square feet of retail.

The company also debuted Encore in September 2021, which brought 124 condominium units and over 29,000 square feet of ground-floor commercial space. Then, in the summer of last year, Riverwalk Luxe was completed, bringing 28 luxury residential units and nearly 21,500 square feet of commercial space.

Confluence is also leading the way on a project, known as “My Mainstreet,”which will bring additional retail, office, restaurant, residential and park space to Parker’s downtown.

By Justyna Tomtas – Reporter, Denver Business Journal