CHARLOTTE, N.C., Oct. 23, 2020 /PRNewswire/ -- Watermark Residential, a wholly owned affiliate of Thompson Thrift and one of the nation's leading multifamily developers, announced the acquisition of 15.9 acres of land in Charlotte for the development of Taylor Farms by Watermark, a resort-style apartment community which will include eight three-story, garden style structures with wood frame construction and sixty-four detached garages. Construction will begin in March 2021 and is scheduled to be complete in February 2023.
"Watermark Residential is very excited to begin construction on our first property in the Carolinas," said Tyler Sauerteig, director of land acquisitions, southeast for Watermark Residential. "The Charlotte market has seen consistently compelling job and population growth, making it one of the strongest multifamily markets in the country. Steady rent growth and tight market occupancy indicate a continued demand for apartment communities, such as Taylor Farms by Watermark. We look forward to bringing Watermark quality and luxury to the Charlotte area."
Located just off of I-485 and Mallard Creek Road in the University City submarket, Taylor Farms by Watermark will include 276 one-, two- and three-bedroom apartment homes with an average size of nearly 1,000 square feet. Every home at Taylor Farms will contain Watermark's class A premium finishes, including gourmet bar-kitchens with quartz countertops, stainless-steel appliances, smooth glass cooktop stoves, walk-in closets and full-size washers and dryers.
Additionally, the community will feature resort-style amenities, like a professionally designed clubhouse with TVs, conference rooms, technology centers and more; a 24-hour fitness center with state-of-the-art equipment and Fitness On DemandTM virtual training kiosks and spinning rooms; a swimming pool with cabanas and entertainment areas and pet-friendly bark parks and doggie spas. An on-site management team dedicated to the highest-level of service for residents will also be available.
With its convenient location near the I-485/I-85 interchange, Taylor Farms by Watermark offers easy access to over 3,000 northeast corridor businesses and is only 20 minutes from Uptown Charlotte. The popular PNC Music Pavilion and the word-famous Charlotte Motor Speedway are both a mere eight-minute drive away. Wells Fargo's Customer Information Center, a 150-acre campus that employs over 10,000 people, is just five miles south, while other major employers, including Atrium Health, UNC Charlotte and IBM, are less than a 15-minute drive. Numerous high-end retail options, such as the 200 shops of Concord Mills, are also nearby.
"With immediate access to I-485 – which comes at a premium in the northern suburban Charlotte market – and a quick commute time to a plethora of retail and large employment centers, Taylor Farms by Watermark is well positioned for success," said Josh Purvis, managing partner for Watermark Residential.
The greater Charlotte MSA is home to 2.6 million residents and expected to grow to 2.85 million by 2025, making it the third-fastest growing big city in the country. Charlotte is also home to 16 Fortune 1000 headquarters, with Centene, a Fortune 500 health insurance company developing a new 80-acre campus in University City. Job growth in the MSA averaged 2.66 percent from 2015 through 2019, greatly outpacing the U.S. average during the same time period. With the University City submarket seeing 5.5 percent year-over-year rent growth, and Charlotte expected to need a 38 percent increase in apartment inventory by 2030, Taylor Farms by Watermark will appeal to both area residents and investors for many years to come.
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 homes across 13 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, Indiana; Houston, Texas; and Phoenix, Arizona. 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.
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SOURCE Watermark Residential