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SOUTH BEND, Ind., Dec. 17, 2020 /PRNewswire/ Watermark Residential, a wholly owned affiliate of Thompson Thrift and one of the nation s leading multifamily developers, announced today the completed sale of The Villas on Fir, a 290-unit Class A, Big House® multifamily community in the South Bend-Mishawaka MSA to Gray Capital for an undisclosed price. The South Bend-Mishawaka area offered an opportunity to develop a quality site with best-in-class product in a market with limited new market rate competition, said Brian Southworth, senior vice president, acquisition for Watermark Residential. That combination provided for a successful lease up and allowed us make an opportunistic sale based on the appetite of capital chasing new construction.