Watermark Residential Sells 276-Unit Class A Multifamily Community in Kansas City, Missouri
November 5, 2020
Kansas City, MO
KANSAS CITY, Mo. (October 30, 2020) – Watermark Residential, a wholly owned affiliate of Thompson Thrift and one of the nation’s leading multifamily developers, announced today the completed sale of Watermark at Tiffany Springs, a 276-unit Class A multifamily community in the Kansas City suburb of Northland for $60 million. The buyer was an entity controlled by A&C Ventures, Inc. (ACV), a private investment firm based in Sonoma, Calif.
“We were able to build Watermark at Tiffany Springs under budget, stabilize occupancy and sell this community for attractive returns in just 36 months,” said Josh Purvis, managing partner of Watermark Residential. “Even in the current environment, Watermark at Tiffany Springs was able to reach stabilization, further affirming Watermark’s ability to deliver sought-after communities based on style, convenience, location and luxury.”
Watermark at Tiffany Springs is located at 9641 North Ambassador Drive and features one-, two- and three-bedroom homes which include oversized windows, plank-style flooring, in-home washer and dryers, granite countertops, stainless steel kitchen appliances and private patios or balconies. Community amenities include a resort style pool with in-water loungers, a fully equipped clubhouse, outdoor firepit area, gas grilling stations, dog park and a 24-hour fitness center.
The property is strategically located near the major roadways of I-29 and Highway 152, allowing easy access to a variety of dining, entertainment and shopping options, including Tiffany Springs Market Center and Zona Rosa Town Center. Major employers, such as Cerner, a leader in health information technologies, and the University of Missouri-Kansas City are just a short drive away.
Watermark at Tiffany Springs is one of two Watermark properties in the Kansas City area and one of four in the state of Missouri. Since 2010, Watermark Residential has closed on more than 50 projects totaling in excess of 14,000 multifamily apartment homes. The company has consistently focused on developments in areas experiencing rapid job growth, increased rental demand and barriers to new supply.
Mac Crowther and Whittaker Potts with Newmark represented Watermark on the sale.
