Thompson Thrift Closes Multifamily Development Fund Following Equity Raise of More than $250 Million
June 13, 2024
Indianapolis, IN
INDIANAPOLIS (June 13, 2024) – Indianapolis-based Thompson Thrift, a full-service nationally recognized real estate company, announced today the closing of its latest multifamily development fund. The fund, which successfully raised over $250 million in equity commitments, will fund Thompson Thrift's development, construction and management of Class A multifamily communities. The 2024 fund marks the sixth fund offered by the company.
"This successful fundraise is a great validation of our team's hard work and commitment to excellence," shared Paul Thrift, CEO of Thompson Thrift. "Their real estate expertise, ability to select markets and sites with exceptional demand drivers and established track record of performance continues to be rewarded with strong interest from our valued investment partners.”
Thompson Thrift has established itself as a leader in developing Class A, luxury multifamily communities across the United States. Their portfolio offers a diverse range of rental options from conventional garden-style multifamily communities to luxury leased villas and townhomes, effectively addressing the varied wants and needs of today’s renters.
Thompson Thrift will utilize the proceeds from the offering to fund seven new, upscale multifamily developments across geographically diverse suburban growth markets across the country. These committed funds allow Thompson Thrift to begin projects from its 2024 development pipeline with optimal timing and precision.
“We are incredibly fortunate to have steadfast, long-standing investment partners, alongside forging new partnerships that bolster our resources for future success,” added Carrie Thrift LaFay, vice president of capital markets. “Of the partners who made commitments, 72% have previously invested in a Thompson Thrift offering. We greatly appreciate our loyal partners, and we remain committed to being good stewards of their investments.”
Since adding a multifamily business unit in 2008, Thompson Thrift has constructed more than 80 communities in suburban locations across the United States. The company has consistently focused on developments in areas experiencing rapid job growth, increased rental demand and barriers to new supply.
"With our latest successful fundraise, we are very excited to continue our expansion into dynamic and growing markets," said Josh Purvis, managing partner for Thompson Thrift Residential. "We believe our track record and deep understanding of the multifamily sector position us well to capitalize on these expanding regions and deliver high-quality rental options for the residents of those communities."
