Thompson Thrift Sells Luxury Multifamily Community near Huntsville
September 30, 2022
Madison, AL
Thompson Thrift, a full-service nationally recognized real estate company and one of the nation’s leading multifamily developers, announced today the sale of FarmHaus, a recently completed 324-unit Class A multifamily community located in the Huntsville suburb of Madison. Virginia-based Capital Square purchased the community for an undisclosed amount.
“FarmHaus has been a very successful development for us in the ever-growing market of Huntsville,” said Josh Purvis, managing partner for Thompson Thrift Residential. “We attribute this success to our quality construction, meticulous finishes, on-trend amenities and tremendous on-site team that garnered significant interest from both potential residents and buyers.”
Located at 1260 Balch Road in Madison County, this 92% leased community is comprised of three-story garden style apartment homes with one-, two- and three-bedroom layouts that average 973 square feet. Each apartment home features open concept floorplans with hardwood-style flooring, quartz countertops, stainless steel appliances including a French door refrigerator, a kitchen island with pendant lights, walk-in closets, and a private patio or balcony. Community amenities include a clubhouse, state-of-the-art fitness center, business center, coffee bar and gaming lounge, resort-style pool, outdoor firepit, communal grilling station, fenced in dog park and a pet spa.
“FarmHaus is an excellent addition to Capital Square’s growing portfolio of luxury multifamily communities throughout the Southeastern United States,” said Whitson Huffman, Capital Square’s co-chief executive officer. “Huntsville is one of the most desirable cities from an investment perspective, with a rapidly growing economy and expansive demand for quality rental living options, such as those provided by FarmHaus, which features exceptional unit finishes and extensive community amenities for its residents.”
Huntsville is one of the nation’s top growth markets, capturing more than $5 billion in capital investments since 2018 and 8% average rent growth since 2019. The city boasts top rankings for its GDP and population growth, aided by the 20,000 new job opportunities and major employers like Redstone Arsenal, Cummings Research Park and the newly delivered Toyota-Mazda Plant.
Craig Hey and Andrew Brown with Cushman & Wakefield Multifamily Advisory Group brokered the sale for Thompson Thrift.
“FarmHaus was an exciting deal to work on with great groups on both sides of the transaction,” said Craig Hey, vice chair at Cushman & Wakefield Multifamily Advisory Group. “The asset’s quality construction, thoughtful amenity layout, retail proximity and connectivity to employment nodes within the Huntsville metro area positions the asset for unparalleled growth in the coming years.”
