Thompson Thrift, a full-service nationally recognized real estate company and one of the nation’s leading multifamily developers, announced that it has successfully sold the last remaining property in the Watermark 3G Multifamily Development Fund II, LP (“2020 Fund”), achieving a 34.5% internal rate of return and a 2.16 equity multiple.
“We’re incredibly proud of the outstanding performance of our 2020 Fund and grateful for the dedicated team and partnerships that made this success possible,” said Paul Thrift, CEO of Thompson Thrift. “These results highlight the strength of our data-driven market selection, disciplined site criteria, and unwavering commitment to excellence.”
The Watermark 3G offering met its $105 million funding goal in January 2020 and deployed capital to develop six Class A multifamily development projects in Alabama, Arizona, Colorado, Michigan and Missouri. The first three assets were sold in the latter half of 2022 and one traded in 2023. The remaining two communities were sold in July and October 2024.
“Being good stewards of our investment partners’ investment is our top priority, and we are pleased to have delivered excellent returns for our partners,” said Carrie Thrift LaFay, vice president of equity capital markets at Thompson Thrift. “Our 2020 Fund enabled us to launch excellent projects in areas where we identified strong opportunities, leading to a highly successful conclusion.”
Since adding a multifamily business unit in 2008, Thompson Thrift has raised and deployed more than $1.5 billion in equity capital and has developed more than 85 communities in suburban locations across the United States.
Their portfolio, including Watermark 3G, offers three primary standard designs, providing construction efficiency, cost predictability and an end-product that has been tried and tested, winning the approval of residents through many builds and leases.
The company is currently raising equity for its seventh multi-project development partnership, Thompson Thrift 2025 Multifamily Development, LP. The offering seeks to raise $230 million in total capital commitments from accredited investment partners who will participate in the development of a portfolio of ground-up, multifamily communities located in dynamic growth markets across the country.
The limited partnership is being offered exclusively to accredited investors pursuant to Regulation D, Rule 506(c) under the Securities Act of 1933, as amended (the “Securities Act”). As general solicitation is permitted under Rule 506(c) offerings, purchasers must meet verification requirements for validation of their accredited investor status.
Thompson Thrift is a full-service real estate development company focused on ground-up residential, commercial and mixed-use development across the Midwest, Southeast, and Southwest.
Since its founding nearly 40 years ago, Thompson Thrift has invested more than $6 billion into local communities and has become known as a trusted partner committed to developing high-quality, attractive commercial and multifamily communities.
Thompson Thrift is an integrated full-service real estate company with offices in Indianapolis and Terre Haute, Indiana; Denver; Houston; and Phoenix. Three business units drive Thompson Thrift’s success—Thompson Thrift Residential which is focused on upscale Class A multifamily communities and luxury leased homes, Thompson Thrift Commercial which is focused on ground-up commercial development, and Thompson Thrift Construction, a full-service construction company. Through these business units, Thompson Thrift is engaged in all aspects of development, construction, leasing, and management of quality commercial real estate projects across the country. The company earned national recognition as a winner of a 2024 Top Workplaces USA award, the latest accolade that reflects the company’s ongoing commitment to excellence in the community and workplace.
