Thompson Thrift Sells The Grove Apartment Community in Grand Rapids

GRAND RAPIDS, Mich., March 8, 2023 /PRNewswire/ -- Thompson Thrift, a full-service nationally recognized real estate company, announced today the sale of The Grove, a 320-unit Class A multifamily community in Grand Rapids. A private real estate investment firm purchased the community for an undisclosed amount.

"Our team at Thompson Thrift is proud to have developed a top-notch community where residents can enjoy a lifestyle focused on convenience and luxury," said Josh Purvis, managing partner for Thompson Thrift Residential. "The Grove has been an overwhelmingly successful residential community from the start, and we're pleased to complete a successful sale of this generational real estate asset."

Completed in August 2022, the 24-acre community offers two-story farmhouse-style apartment homes with a mix of one-, two- and three-bedroom layouts that average 1,200 square feet. Apartment homes feature designer interiors including quartz countertops, stainless steel and energy-efficient appliances, walk-in pantry, hardwood-style flooring, large walk-in closets, patio and balcony options and full-size washers and dryers. Residents are treated to resort-style amenities including a resident social lounge, 24/7 fully equipped fitness center, heated pool and spa, community grilling areas, pickleball courts, dog park and pet spa.

With frontage on Beltline Avenue, a major north/south thoroughfare, the location offers residents a short commute to downtown Grand Rapids, where they can enjoy local museums, the John Ball Zoo, and a host of breweries and restaurants. A great majority of the area's major employers, including Axios, Meijer and Spectrum Health, are within a 15-mile radius.

Jason Krug with Berkadia brokered the sale for Thompson Thrift.

"The Grove set a new standard for quality construction and luxury apartment living in the Grand Rapids market," said Jason Krug, senior managing director for Berkadia. "Our team was able to generate demand and ultimately identify an ideal buyer for this transaction in the face of a transitioning marketplace. The asset's quality and burgeoning Grand Rapids economy provide for a very bright future for The Grove."

Thompson Thrift has 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 range of conventional, luxury leased villa and townhome-style communities. Throughout its history, the company has invested more than $4 billion and has become known as a trusted partner committed to developing high-quality, attractive communities.

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 as a winner of a 2023 Top Workplaces USA award, the latest accolade that reflects 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