Thompson Thrift Closes $253M Development Fund
The firm’s Watermark Multifamily Development Fund IV LP will be utilized to develop 10 luxury multifamily communities in six states.
INDIANAPOLIS, IN – Full-service real estate company, Thompson Thrift has closed its Watermark Multifamily Development Fund IV LP with $253 million in equity.
The company will utilize the funds to develop 10 upscale multifamily communities and luxury leased homes throughout suburban growth markets across six states.
“This successful fund raise reflects the reputation for excellence that our team has earned over the years,” states Paul Thrift, Thompson Thrift’s president and CEO. “I am proud of our teams’ long-standing track record, real estate expertise and our disciplined approach to pursing developments with strong fundamentals. I am grateful for the continued confidence our investment partners place in us.”
“We are humbled and greatly appreciative of the strong interest we received from investors and are pleased to have fully subscribed our offering in a very short time,” says Carrie Thrift LaFay, VP of capital markets at Thompson Thrift. “High demand continues for multifamily housing in suburban, growth markets, and we are confident we can continue to leverage our proven model to deliver great results.”
Thompson Thrift added its multifamily business unit in 2008, and it has since continued to develop a range of class A institutional product in secondary markets, including conventional, luxury leased villa and townhome-style communities.
Since 2008, the company has constructed more than 55 communities in affluent suburban locations across the Midwest, Southeast and Southwest; primarily focusing on areas that experience rapid job growth, increased rental demand and barriers to new supply. Overall, the company has developed more than 15,000 class A apartment homes in nearly 60 communities.