Thompson Thrift closes multi-family development fund after raising $253 million
INDIANAPOLIS, January 18, 2022 /PRNewswire/ — IndianapolisThompson Thrift-based, a nationally recognized full-service real estate firm, today announced the closing of Watermark Multifamily Development Fund IV, LP. The Development Fund closed in January 2022 with $253 million which will be used to develop 10 high-end multi-family communities and luxury rental homes in geographically diverse suburban growth markets across the United States
“This successful fundraising reflects the reputation for excellence that our team has built over the years,” said Paul Thrift, President and CEO of Thompson Thrift. “I am proud of our teams’ long-standing track record, their real estate expertise and our disciplined approach to pursuing developments with strong fundamentals. I am grateful for the continued trust our investment partners place in us.”
Thompson Thrift has made a name for itself by building a Class A institutional product in the secondary markets with a range of rental luxury conventional villas and townhouse-style communities; the latter two aimed at bridging the “missing middle” between multi-story apartment homes and single-family residences.
“We are honored and very grateful for the strong interest we have received from investors and are pleased to have fully subscribed to our offering in a very short time,” added Carrie Thrift La Fay, Vice President of Capital Markets. “Strong demand continues for multi-family housing in suburban growth markets, and we are confident that we can continue to leverage our proven model to deliver strong results.”
Since adding a multi-family commercial unit in 2008, Thompson Thrift has built more than 55 communities in affluent suburbs across the Midwest, Southeast and Southwest. The company has consistently focused on developments in areas experiencing rapid employment growth, increased rental demand and barriers to new supply.
Over the past 35 years, Thompson Thrift has grown from a locally-focused development and construction company to an integrated, full-service national company. Thompson Thrift’s three business units have been developed and built over the $2.7 billion commercial real estate in 20 states, including more than 15,000 Class A apartments in nearly 60 communities and more than 2 million square feet of mixed-use and retail projects.
About Thompson Thrift Realty Company
Thompson Thrift is a full-service, integrated real estate company with offices in Indianapolis and Terre Haute, Indiana; Houston and Phoenix. Three business units are behind the success of Thompson Thrift: Thompson Thrift Residential, which focuses on high-end multi-family communities and luxury rental homes, Thompson Thrift Retail Group, which focuses on basic retail development, and Thompson Thrift Construction, a full-service construction company. Through these business units, Thompson Thrift is engaged in all aspects of acquiring, developing, building, leasing and managing quality multi-family, mixed-use, retail and commercial projects in across the country. We are passionate about the success of our clients and strive to ensure that our projects meet not only the needs of our clients, but also the communities we serve. For more information, please visit www.thompsonthrift.com.
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