The Garrett Companies (TGC) loves to surpass the expectations of our peers and stakeholders in both the way we do business and the results of our efforts. The recent successful sale transaction of Talus Flats in Castle Rock, Colorado, was no exception, selling for a record-breaking $314K per door. From the start, institutions in the industry recognized the tremendous value in this first-of-its-kind mixed-use development in The Meadows neighborhood. Construction began in 2020, amidst a global pandemic, supply chain struggles, and labor shortages yet TGC was able to execute the transaction successfully. At the time of the transaction in September 2021, the apartments were 34% occupied and 66% pre-leased, which is nearly unheard of within 30 days of the construction delivery in late August. This is a testament to the team’s relentless pursuit of excellence at all levels.
Talus Flats is a 111-unit, luxury midrise building with an I.C. Brewhouse restaurant at street level. I.C. Brewhouse is the 2nd location of TGC’s own restaurant brand operated by Garrett Restaurant Group. Since opening at the beginning of September, the neighborhood’s newest gathering place has been full of patrons from both the Talus Flats apartments and the surrounding single and multifamily housing developments. In addition to the restaurant, the building also features private residential amenities in outdoor courtyards, a club-quality fitness center, and a game & entertainment lounge.
Talus Flats is the second project for TGC in The Meadows. The first project, The Meadows Luxury Apartments is a 240-unit, garden-style multifamily project that is part of TGC’s “Caliber” product line. Selling in 2018, the project found quick success for both TGC and their stakeholders. Talus Flats represents a customized version of TGC’s Elevate product line, in that it mixes in street-front retail and amenities on its ground floor, with a range of higher density apartments throughout. This one-of-a-kind location required TGC to create a custom project that would be perfectly appropriate and embraced by the community within The Meadows Town Center.
Despite turbulent economic conditions, The Garrett Companies successfully nurtured the progress of the transaction with Sunroad Enterprises. This highly regarded real estate company has selected Avenue5 Residential to operate the multifamily component of the project and Garrett Restaurant Group will continue to operate the restaurant onsite, I.C. Brewhouse.