KANSAS CITY, Mo., Oct. 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 Tiffany Springs, a 276-unit Class A multifamily community in the Kansas City suburb of Northland for $60 million. The buyer was an entity controlled by A&C Ventures, Inc. (ACV), a private investment firm based in Sonoma, Calif.
"We were able to build Watermark at Tiffany Springs under budget, stabilize occupancy and sell this community for attractive returns in just 36 months," said Josh Purvis, managing partner of Watermark Residential. "Even in the current environment, Watermark at Tiffany Springs was able to reach stabilization, further affirming Watermark's ability to deliver sought-after communities based on style, convenience, location and luxury."
Watermark at Tiffany Springs is located at 9641 North Ambassador Drive and features one-, two- and three-bedroom homes which include oversized windows, plank-style flooring, in-home washer and dryers, granite countertops, stainless steel kitchen appliances and private patios or balconies. Community amenities include a resort style pool with in-water loungers, a fully equipped clubhouse, outdoor firepit area, gas grilling stations, dog park and a 24-hour fitness center.
The property is strategically located near the major roadways of I-29 and Highway 152, allowing easy access to a variety of dining, entertainment and shopping options, including Tiffany Springs Market Center and Zona Rosa Town Center. Major employers, such as Cerner, a leader in health information technologies, and the University of Missouri-Kansas City are just a short drive away.
Watermark at Tiffany Springs is one of two Watermark properties in the Kansas City area and one of four in the state of Missouri. Since 2010, Watermark Residential has closed on more than 50 projects totaling in excess of 14,000 multifamily apartment homes. The company has consistently focused on developments in areas experiencing rapid job growth, increased rental demand and barriers to new supply.
Mac Crowther and Whittaker Potts with Newmark represented Watermark on the sale.
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, Ind., Houston, Phoenix and Charlotte, N.C. Three service pillars drive Thompson Thrift's success—Thompson Thrift Retail Group which is focused on ground-up commercial development, Watermark Residential which is focused on upscale multifamily communities 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 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. For more information, please visit www.thompsonthrift.com.
About A&C Ventures
A&C Ventures, Inc. (ACV) is a private real estate investment firm based in Sonoma. Since 1992, ACV has been active in acquisitions, sale-leasebacks, development, redevelopment, and management of retail properties, and now, apartments throughout the United States. ACV's current portfolio consists of over 200 properties in 34 states totaling roughly 5 million square feet, valued at approximately $1 billion. For more information, please visit http://www.acventures.com.
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SOURCE Watermark Residential