Thompson Thrift Residential to Develop Luxury Apartment Community outside Tampa
February 22, 2022
Ellenton, FL
TAMPA, Fla. (Feb. 22, 2022) – Thompson Thrift Residential, a wholly-owned affiliate of Thompson Thrift and one of the nation’s leading multifamily developers, announced that construction has begun on Palm Grove Luxury Apartment Homes, a 320-unit, luxury multifamily community in the Tampa suburb of Ellenton. Thompson Thrift plans to welcome new residents starting in the second quarter of 2023. The development is a joint venture with Altura Capital.
“There is strong demand for luxury rental communities in this area and significant market growth that make this a compelling investment opportunity,” said Josh Purvis, managing partner for Thompson Thrift Residential. “The community’s centralized location ensures future residents have convenient access to Sarasota, Tampa and St. Petersburg as well as nearby retail, dining and recreational opportunities.”
Located on the northeast corner of the U.S. Highway 301 and Interstate 75 interchange, the 27-acre site will offer two-story buildings with detached garages. A mix of one-, two-, and three-bedroom layouts averaging 1,100 square feet will provide an array of in-demand finishes including elegant quartz countertops, stainless steel appliances, tile backsplashes, large walk-in closets, hardwood-style flooring, full-size washers and dryers, and more.
The luxury living experience will extend throughout the community with a clubhouse featuring stylish spaces for entertaining, 24-hour fully equipped fitness centers, resort-style heated swimming pools, community-wide WiFi, dog park, and more. Residents will also benefit from being located within walking distance to the Ellenton Premium Outlets, which is home to 116 shops and restaurants.
“This area has seen some of its fastest community growth in recent years, and employment growth is expected to outpace the national average for the next six years,” said Brian Southworth, senior vice president of acquisitions, partner. “For-sale home values have increased 14% over the past year, and so we are excited that residents will have a top-quality new rental option to choose from when Palm Grove opens its doors next year.”
Palm Grove will be the eighth multifamily community Thompson Thrift Residential has developed in Florida. They are also underway with The Sophia, a built-for-rent community in nearby Venice.
