Thompson Thrift Closes Multifamily Development Fund Following $250 Million Equity Raise
Indianapolis-based Thompson Thrift, a full-service national real estate company, closed its latest multifamily development fund. The 2024 fund, which successfully raised over $250 million in equity commitments, will fund Thompson Thrift’s development, construction, and management of Class A multifamily communities. Thompson Thrift 2023 Multifamily Development, LP, is the sixth fund offered by the company.
“This successful fundraise is a great validation of our team’s hard work and commitment to excellence,” shared Paul Thrift, chief executive officer of Thompson Thrift. “Their real estate expertise, ability to select markets and sites with exceptional demand drivers, and established track record of performance continues to be rewarded with strong interest from our valued investment partners.”
To address the needs and wants of today’s renters, Thompson Thrift’s portfolio offers a diverse range of rental options from conventional garden-style multifamily communities to luxury leased villas and townhomes.
Thompson Thrift will utilize the proceeds from the offering to fund seven new multifamily developments across geographically diverse suburban growth markets. Thompson thrift said the committed funds allow it to begin projects from its 2024 development pipeline with optimal timing and precision.
“We are incredibly fortunate to have steadfast, long-standing investment partners, alongside forging new partnerships that bolster our resources for future success,” added Carrie Thrift LaFay, vice president of capital markets. “Of the partners who made commitments, 72% have previously invested in a Thompson Thrift offering. We greatly appreciate our loyal partners, and we remain committed to being good stewards of their investments.”
Since adding a multifamily business unit in 2008, Thompson Thrift has constructed more than 80 communities in suburban locations across the United States. The company has consistently focused on developments in areas experiencing rapid job growth, increased rental demand, and barriers to new supply.
“With our latest successful fundraise, we are very excited to continue our expansion into dynamic and growing markets,” said Josh Purvis, managing partner for Thompson Thrift Residential. “We believe our track record and deep understanding of the multifamily sector position us well to capitalize on these expanding regions and deliver high-quality rental options for the residents of those communities.”
Founded nearly 40 years ago, Thompson Thrift is a full-service real estate company engaged in the acquisition, development, construction, leasing, and management of multifamily, mixed-use, retail, and office projects across the country. With offices in Indianapolis and Terre Haute, Indiana; Denver; Houston; and Phoenix, Thompson Thrift’s three business units – Thompson Thrift Residential, Thompson Thrift Commercial, and Thompson Thrift Construction – have developed and built over $5.4 billion of commercial real estate in 22 states.
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