Thompson Thrift Closes Multifamily Development Fund Following Equity Raise of More than $250 Million
The real estate leader intends to utilize the fund for the development of seven Class A communities across the country.
INDIANAPOLIS, June 13, 2024 /PRNewswire/ -- Indianapolis-based Thompson Thrift, a full-service nationally recognized real estate company, announced today the closing of its latest multifamily development fund. The fund, which successfully raised over $250 million in equity commitments, will fund Thompson Thrift's development, construction and management of Class A multifamily communities. The 2024 fund marks the sixth fund offered by the company.
"This successful fundraise is a great validation of our team's hard work and commitment to excellence," shared Paul Thrift, CEO of Thompson Thrift. "Their real estate expertise, ability to select markets and sites with exceptional demand drivers and established track record of performance continues to be rewarded with strong interest from our valued investment partners."
Thompson Thrift has established itself as a leader in developing Class A, luxury multifamily communities across the United States. Their portfolio offers a diverse range of rental options from conventional garden-style multifamily communities to luxury leased villas and townhomes, effectively addressing the varied wants and needs of today's renters.
Thompson Thrift will utilize the proceeds from the offering to fund seven new, upscale multifamily developments across geographically diverse suburban growth markets across the country. These committed funds allow Thompson Thrift to begin projects from its 2024 development pipeline with optimal timing and precision.
"We are incredibly fortunate to have steadfast, long-standing investment partners, alongside forging new partnerships that bolster our resources for future success," added Carrie Thrift LaFay, vice president of capital markets. "Of the partners who made commitments, 72% have previously invested in a Thompson Thrift offering. We greatly appreciate our loyal partners, and we remain committed to being good stewards of their investments."
Since adding a multifamily business unit in 2008, Thompson Thrift has constructed more than 80 communities in suburban locations across the United States. The company has consistently focused on developments in areas experiencing rapid job growth, increased rental demand and barriers to new supply.
"With our latest successful fundraise, we are very excited to continue our expansion into dynamic and growing markets," said Josh Purvis, managing partner for Thompson Thrift Residential. "We believe our track record and deep understanding of the multifamily sector position us well to capitalize on these expanding regions and deliver high-quality rental options for the residents of those communities."
Since its founding nearly 40 years ago, Thompson Thrift has grown from a locally focused development and construction company into a full-service, integrated enterprise with a national scope. Thompson Thrift's three business units have developed and built over $5.4 billion of commercial real estate in 22 states including more than 21,500 Class A apartment homes in more than 80 communities and over 4.5 million square feet of mixed-used and retail projects.
About Thompson Thrift Real Estate Company
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 from Energage as a winner of a 2024 Top Workplaces USA award and five Culture Excellence awards, the latest accolades that reflect the company's ongoing commitment to excellence in the community and workplace. For more information, please visit www.thompsonthrift.com.
Contact:
Jennifer Franklin
Spotlight Marketing Communications
949.427.1385
[email protected]
SOURCE Thompson Thrift
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