Thompson Thrift Residential Sells Luxury Multifamily Community Outside Orlando
February 15, 2022
Davenport, FL
ORLANDO, Fla. (Feb. 15, 2022) – Thompson Thrift Residential, a wholly-owned affiliate of Indianapolis-based Thompson Thrift and one of the nation’s leading multifamily developers, announced today the sale of Thrive, a 328-unit Class A multifamily community located in the Orlando suburb of Davenport. Minneapolis-based Timberland Partners purchased the property for an undisclosed amount.
“With its convenient location to major employment hubs and amenities that stand out from comparable properties, Thrive has been extremely popular since welcoming its first residents last year,” said Josh Purvis, managing partner for Thompson Thrift Residential. “The strong demand for multifamily housing fueled by robust development in the area allowed us to generate significant interest and make a strategic sale at favorable terms.”
Located off Osceola Polk Line Road and Interstate 4, Thrive is 10 minutes from Walt Disney World Resort and 30 minutes from downtown Orlando. Completed in 2021, the 93% leased community is comprised of 12 two-story and two four-story buildings, offering a total of 328 apartment homes. The two-story buildings were designed to provide the privacy, space and convenience of a single-family home in a maintenance-free, highly amenitized community, while the four-story buildings were designed to maximize energy efficiency while utilizing less materials than traditional design.
Thrive offers spacious one-, two-, and three-bedroom apartments with a variety of layouts and upscale, modern finishes that meet the wants and needs of today’s renters. Residents are treated to resort-style amenities including an outdoor kitchen, a swimming pool with cabanas, fitness center, yoga room, a dog park and pet spa, among others.
Scott Ramey, Brad Downing and Paul Grant with Newmark’s Multifamily Capital Markets brokered the sale for Thompson Thrift.
“Thrive experienced an incredible lease-up due to the property’s prime location in one of the fastest growing submarkets in the Orlando MSA,” said Scott Ramey, senior managing director for Newmark. “The unique product design that features two-story buildings as well as four-story elevator serviced buildings appeals to a wide variety of resident profiles, which should be highly desirable for years to come.”
Thompson Thrift has made a name for itself by being one of the few developers to build Class A residential communities in markets across the country with a range of conventional, luxury leased villa and townhome-style communities. Throughout its history, the company has invested more than $3.15 billion and has become known as a trusted partner committed to developing high-quality, attractive communities. The company recently earned the distinction of being named one of GlobeSt. Real Estate Forum’s Influencers of Multifamily Real Estate for 2021.
Thompson Thrift is active throughout Florida, with six other multifamily communities and one retail center under development.
