INDIANAPOLIS, Jan. 20, 2020 /PRNewswire/ -- Watermark Residential, a wholly owned affiliate of Thompson Thrift and one of the nation's leading multifamily developers, announced today the closing of Watermark 3G Multifamily Development Fund II, which successfully met its $105 million funding limit. The fund is a joint venture between Watermark Residential and Irvine, Calif.-based 3G Capital Advisors LLC.
"We appreciate the support and confidence our investment partners have placed in us," said Paul Thrift, president and chief executive officer of Thompson Thrift and Watermark Residential. "Our success in this equity raise is a testament to the strength or our entire team and a long track record of delivering high quality projects that result in impressive returns to our investors. In just over four months, we secured commitments that met our goal of $105 million that will fund the required equity for six of our planned 2020 multifamily development projects."
Christopher Hilbert, chief executive officer of 3G Capital Advisors, added, "Completing our equity raise so quickly is a testament to Watermark's well-deserved reputation for developing high-quality apartment communities."
Watermark will close on the first of six projects in Huntsville, Ala., later this month. The other five Class A multifamily communities included in the fund are located in Arizona, Colorado, Michigan and Missouri and are slated to close by year end 2020.
"We are excited to get to work on bringing these communities to market," added Carrie Thrift LaFay, vice president of corporate development. "Each of these planned developments are strategically located in high growth markets where demand for quality multifamily homes far exceed the supply."
Since 2010, Watermark Residential has constructed more than 40 projects totaling in excess of 11,000 multifamily apartment homes. The company has consistently focused on developments in areas experiencing rapid job growth, increased rental demand and barriers to new supply.
About Watermark Residential
A wholly owned affiliate of Thompson Thrift, Watermark Residential is a national leader in the development, construction, and management of upscale multifamily communities. Since its founding in 2008, Watermark has become a nationally recognized multifamily development and residential management company. Watermark communities epitomize the company's commitment to quality and value, while exhibiting meticulous attention to detail. The company has developed more than 11,000 units across 11 states. With deep knowledge of each market entered and a methodical vision, Watermark is proud to develop communities that offer residents luxurious, convenient lifestyle. For more information, please visit www.watermarkapartments.com.
About Thompson Thrift Real Estate Company
Thompson Thrift is an integrated full-service real estate company with offices in Indianapolis and Terre Haute, IN, Houston, TX, Phoenix, AZ and Charlotte, NC. Thompson Thrift is engaged in all aspects of acquisition, development, construction, leasing, and management of quality multifamily, mixed-use, retail, and office projects across the country. We're 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.
About 3G Capital Advisors, LLC
3G Capital Advisors, LLC is an innovative, boutique advisory firm focused on the intersection of financial services and real estate investing. The firm specializes in advising organizations on the most recent investment products and strategies and creating custom programs that help its clients address the complexities of the market today. 3G Capital Advisors, LLC provides strategic advisory services, product development and real estate advisory services. For more information, visit www.3gcapitaladvisors.com.
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SOURCE Watermark Residential
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