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PHOENIX, Dec. 30, 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 Watermark at Gateway Place, a 250-unit class A, Big House® multifamily community in the affluent Phoenix suburb of Gilbert for $84.35 million. Salt Lake City-based TM Equities was the buyer. With its convenient location in one of Phoenix s most recognized suburbs and amenities that stand out from comparable properties, Watermark at Gateway Place has been extremely popular since welcoming its first residents earlier this year, said Brian Southworth, senior vice president of acquisitions for Watermark Residential. The strong demand for multifamily housing and the limited development in the area allowed us to generate significant interest and make a strategic sale at favorable terms.
DENVER, CO - Watermark Residential, a wholly owned affiliate of Thompson Thrift and one of the nation s leading multifamily developers, announced the sale of Watermark at First Creek, a 264-unit Class A multifamily community in Denver. California-based Borello Asset Management, Inc. bought the property for $74.65 million. Denver has been one of the fastest growing areas in the nation for more than a decade, said Josh Purvis, managing partner with Watermark. This population growth, combined with a lack of affordable single family housing has created strong investor demand and skyrocketing multifamily values. With Watermark s commitment to building communities based on style, convenience and luxury, it s no surprise that Watermark at First Creek was especially attractive to investors.
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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.
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DENVER, Dec. 11, 2020 /PRNewswire/ Watermark Residential, a wholly owned affiliate of Thompson Thrift and one of the nation s leading multifamily developers, announced today the sale of Watermark at First Creek, a 264-unit Class A multifamily community in Denver. California-based Borello Asset Management, Inc. bought the property for $74.65 million. Denver has been one of the fastest growing areas in the nation for more than a decade, said Josh Purvis, managing partner with Watermark. This population growth, combined with a lack of affordable single family housing has created strong investor demand and skyrocketing multifamily values. With Watermark s commitment to building communities based on style, convenience and luxury, it s no surprise that Watermark at First Creek was especially attractive to investors.