Thompson Thrift Closes Multifamily Development Fund Following $253 Million Equity Raise
January 18, 2022
Indianapolis, IN
INDIANAPOLIS (Jan. 18, 2022) – Indianapolis-based Thompson Thrift, a full-service nationally recognized real estate company, announced today the closing of Watermark Multifamily Development Fund IV, LP. The Development Fund closed in January 2022 with $253 million which will be utilized to develop 10 upscale multifamily communities and luxury leased homes in geographically diverse suburban growth markets across the U.S.
“This successful fund raise reflects the reputation for excellence that our team has earned over the years,” said Paul Thrift, president and CEO of Thompson Thrift. “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.”
Thompson Thrift has made a name for itself by building Class A institutional product in secondary markets with a range of conventional, luxury leased villa and townhome-style communities; the latter two aiming to bridge the “missing middle” between multi-story apartment homes and single-family residences.
“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,” added Carrie Thrift LaFay, vice president of capital markets. “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.”
Since adding a multifamily business unit in 2008, Thompson Thrift has constructed more than 55 communities in affluent suburban locations in the Midwest, Southeast, and Southwest. The company has consistently focused on developments in areas experiencing rapid job growth, increased rental demand and barriers to new supply.
During the past 35 years, Thompson Thrift has grown from a locally focused development and construction company into a full-service, integrated enterprise with a national scope. Thompson Thrift’s three business units have developed and built over $2.7 billion of commercial real estate in 20 states including more than 15,000 Class A apartment homes in nearly 60 communities and over 2 million square feet of mixed-used and retail projects.
