SOUTH BEND, IN - Watermark Residential, a wholly owned affiliate of Thompson Thrift and one of the nation s leading multifamily developers, announced 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.