Trailblazing: Red Hawk, Castle Rock (Denver), CO
“Small Town America in the Colorado Foothills”
A recent national survey by Ipsos – a global market research firm – found that since March 2020, nearly half of Americans, 49%, have moved or considered moving. The top relocation choice was suburban areas (22%) – a trend Pathfinder has monitored closely while scouting investment opportunities during the pandemic.
In October 2020, we purchased The Highlands at Red Hawk (“Red Hawk”), a 56-unit apartment community in Castle Rock, a quaint town 30 miles south of downtown Denver and 35 miles north of Colorado Springs. We believe Castle Rock offers an ideal setting for those seeking a slice of small-town Americana. We weren’t alone: last year, Castle Rock was named the Nation’s top “Up-and-Coming Small City Close to a Major Metro” by Livability.
Castle Rock is known for its charming downtown district, safe neighborhoods, award-winning public schools and a recreation system featuring 50 parks, 87 miles of trails and over 6,000 acres of open space. Over the past decade, Castle Rock has been recognized frequently for its exceptional quality of life. This year, the town was ranked one of the “Safest Cities in Colorado” by SafeWise and one of the “Best Places to Live in the U.S.” by Money Magazine.
Between 2010 and 2019, Castle Rock experienced population growth of 45%, growing to 75,000 residents. And they’re affluent (an average annual household income of $128,000) and educated (95% have high school degrees and more than 80% have attended college).
Red Hawk, built in 2017, is situated on a five-acre parcel and includes a mix of one-, two- and three-bedroom apartments averaging 1,064 square feet – exceptionally large by traditional multifamily standards. The property was built by a local homebuilder and has features more commonly found in for-sale homes. Each unit comes with a one-car, direct access garage, electronic key fob entry, 9´ ceilings, fully equipped kitchen with stainless steel appliances, full size washer/dryer, fireplace, walk-in closet and private patio or balcony. The property features a clubhouse with a game room, coffee bar, Wi-Fi, 24-hour fitness center, dog wash and a swimming pool.
Red Hawk’s residents are only a five-minute drive to The Promenade at Castle Rock, a 166-acre upscale retail center (one of the largest in the country) and a 15-minute drive to Denver Tech Center, the largest employment center in metro Denver. Red Hawk residents enjoy the convenience of these local amenities while living in a family-friendly environment amongst the beauty of the Colorado foothills. Talk about having your cake and eating it too.
Castle Rock, Colorado: Did you know?
Miller’s Landing: Through a public and private partnership with the town of Castle Rock, P3 Advisors is transforming what was once a contaminated parcel into Miller’s Landing – a dynamic, sustainable, 65-acre mixed-use development. The project is located at the eastern edge of Phillip S. Miller Park and will feature a pedestrian and bicycle friendly town center with hospitality, entertainment, retail and office uses. Phase 1 will be completed in 2022 with the remaining build-out completed over the next decade.
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