Suburban Multifamily Gains Momentum As Thompson Thrift Eyes Wheat Ridge Expansion

A 255-unit, 7-acre luxury apartment development is planned for Wheat Ridge, continuing a trend of suburban multifamily development and movement while Denver proper’s multifamily market struggles.

Thompson Thrift, a national real estate firm with an office in Denver, announced plans for Stack at Wheat Ridge in a press release Tuesday. 

Stack at Wheat Ridge will be at Kipling Street and 44th Avenue, offering one-, two- and three-bedroom apartments. Planned amenities include a fitness center, a heated swimming pool and a yoga studio.

The project, slated for completion in the 2026-2027 winter, marks Thompson Thrift’s 20th development in Colorado. In all, the company said, it has 11 residential projects planned for 2025.

"Wheat Ridge stands out as the location provides convenient access to the city's top employers and shopping venues, as well as numerous outdoor activities," Josh Purvis, managing partner at Thompson Thrift Residential, said in the release. "Similarly, we believe that our latest Thompson Thrift community, Stack at Wheat Ridge, will deliver a unique blend of exceptional living for our residents and an attractive investment opportunity for our partners."

Multifamily development in Denver’s core has been hit especially hard in recent years due to work-from-home trends and construction on the 16th Street Mall.

Effective rents in Denver proper are down 3% year-over-year, according to JLL.

Denver’s urban multifamily market “is on an extended hiatus,” Mortenson Rocky Mountain Region Vice President of Real Estate Development Taber Sweet previously told Bisnow.

Mortenson, like Thompson Thrift, is looking at the suburbs — specifically Wheat Ridge — as potential growth opportunities.

With metro Denver’s apartment pipeline shrinking and supply concerns growing, suburban projects like Stack at Wheat Ridge are taking on a bigger role in meeting future housing demand. Developers are betting on the suburbs while Denver’s urban multifamily market remains in limbo.