Thompson Thrift Residential to Develop Luxury Apartment Community outside Tampa

TAMPA, Fla., Feb. 23, 2022 /PRNewswire/ -- Thompson Thrift Residential, a wholly-owned affiliate of Thompson Thrift and one of the nation's leading multifamily developers, announced that construction has begun on Palm Grove Luxury Apartment Homes, a 320-unit, luxury multifamily community in the Tampa suburb of Ellenton. Thompson Thrift plans to welcome new residents starting in the second quarter of 2023. The development is a joint venture with Altura Capital.

"There is strong demand for luxury rental communities in this area and significant market growth that make this a compelling investment opportunity," said Josh Purvis, managing partner for Thompson Thrift Residential. "The community's centralized location ensures future residents have convenient access to Sarasota, Tampa and St. Petersburg as well as nearby retail, dining and recreational opportunities."

Located on the northeast corner of the U.S. Highway 301 and Interstate 75 interchange, the 27-acre site will offer two-story buildings with detached garages. A mix of one-, two-, and three-bedroom layouts averaging 1,100 square feet will provide an array of in-demand finishes including elegant quartz countertops, stainless steel appliances, tile backsplashes, large walk-in closets, hardwood-style flooring, full-size washers and dryers, and more.

The luxury living experience will extend throughout the community with a clubhouse featuring stylish spaces for entertaining, 24-hour fully equipped fitness centers, resort-style heated swimming pools, community-wide WiFi, dog park, and more. Residents will also benefit from being located within walking distance to the Ellenton Premium Outlets, which is home to 116 shops and restaurants.

"This area has seen some of its fastest community growth in recent years, and employment growth is expected to outpace the national average for the next six years," said Brian Southworth, senior vice president of acquisitions, partner. "For-sale home values have increased 14% over the past year, and so we are excited that residents will have a top-quality new rental option to choose from when Palm Grove opens its doors next year."

Palm Grove will be the eighth multifamily community Thompson Thrift Residential has developed in Florida. They are also underway with The Sophia, a built-for-rent community in nearby Venice.  Since 2008, Thompson Thrift made a name for itself by being one of the few developers to build Class A residential communities in markets across the country with a variety of conventional, luxury leased villa and townhome-style communities. Throughout its history, the company has invested more than $3.15 billion and has become known as a trusted partner committed to developing high-quality, attractive communities.

About Altura Capital
Altura Capital is a real estate investment firm with offices in Arizona and Florida. The company focuses in opportunities that create value and maximize cash flow through ground-up development with best in class developers. The firm targets investments between $5-25 million of equity in a diverse group of residential and industrial projects. The location focus is primarily secondary markets with attractive fundamentals. For more information, please visit altura.capital.

About Thompson Thrift Real Estate Company
Thompson Thrift is an integrated full-service real estate company with offices in Indianapolis and Terre Haute, Ind., Houston, Texas, and Phoenix, Arizona. Three business units drive Thompson Thrift's success—Thompson Thrift Residential which is focused on upscale multifamily communities and luxury leased homes, Thompson Thrift Retail Group 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 acquisition, development, construction, leasing, and management of quality multifamily, mixed-use, retail and commercial projects across the country. We are passionate about our customer's success and strive to ensure our projects not only meet the needs of our customers but also the communities we serve. For more information, please visit www.thompsonthrift.com. 

Contact:
Jennifer Franklin
Spotlight Marketing Communications
949.427.1385
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SOURCE Thompson Thrift