KANSAS CITY, MO – Wholly-owned affiliate of Thompson Thrift, Watermark Residential has sold its 276-unit, class A multifamily community, Watermark at Tiffany Springs, in Northland, MO. An entity controlled by the California-based private investment firm, A&C Ventures Inc. purchased the property for $60 million.
Located 9641 N. Ambassador Dr. in the Kansas City suburb, Watermark at Tiffany Springs offers community amenities, including a resort style pool, a fully-equipped clubhouse, a 24-hour fitness center, an outdoor fire pit area, gas grilling stations and a dog park.
The property's one-, two- and three-bedroom units feature in-home washer and dryers, granite countertops, stainless steel kitchen appliances, plank-style flooring and private balconies or patios.
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"We were able to build Watermark at Tiffany Springs under budget, stabilize occupancy and sell this community for attractive returns in just 36 months," states Josh Purvis, managing partner of Watermark Residential. "Even in the current environment, Watermark at Tiffany Springs was able to reach stabilization, further affirming Watermark's ability to deliver sought-after communities based on style, convenience, location and luxury."
Situated near Interstate 29 and Highway 152, Watermark at Tiffany Springs represents one of two Watermark Residential properties within the Kansas City area, and one of four properties in Missouri.
Watermark Residential has closed on more than 50 projects since 2010, totaling more than 14,000 multifamily apartments.
Newmark's Mac Crowther and Whittaker Potts represented Watermark Residential in the transaction.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
