Thompson Thrift Multifamily Development Fund to Support Charleston Project
Thompson Thrift will develop a 327-unit Class A multifamily community in North Charleston, S.C., its first project in South Carolina and one that pushes the Indianapolis-based developer’s footprint to 25 states. The Whitmore at Ingleside will rise within the Ingleside master-planned development.
The development is being capitalized with equity from Thompson Thrift 2026 Multifamily Development, LP, the $222 million vehicle the sponsor closed in February 2026 with commitments from more than 350 investment partners. The fund, Thompson Thrift’s eighth multi-project equity partnership since 2008, closed below its original $230 million target and was built to finance seven Class A developments across five states: Georgia, Idaho, Nevada, South Carolina, and Tennessee. The Whitmore at Ingleside is at least the third project funded by that vehicle, following a 273-unit Reno, Nevada, community that gave Thompson Thrift its first Nevada project in April and a 319-unit Powder Springs, Ga., development announced in August.
“Expanding into South Carolina and reaching 25 states is an important milestone for Thompson Thrift,” Josh Purvis, managing partner of Thompson Thrift Residential, said in a statement. “We are excited to enter the Charleston market with The Whitmore at Ingleside, a thoughtfully designed community that will meet the region’s growing demand for high-quality rental housing in a well-connected location.”
The roughly 19-acre site sits near the recently completed Weber Boulevard interchange and Interstate 26. The Whitmore at Ingleside will offer studio, one-, two-, and three-bedroom units across three- and four-story buildings, with quartz countertops, stainless-steel appliances, smart-home technology, and full-size washers and dryers. Planned amenities include a resort-style pool, a 24-hour fitness center, a pickleball court, a pet spa, two dog parks, and a resident social hub with a coffee bar and conference room. Construction is expected to begin this month, with move-ins targeted for November 2027.
Jesse Houghtalen, senior vice president of development, said in a statement that the project is positioned to benefit from “the Charleston region’s strong connectivity, continued employment and population growth and expanding infrastructure,” pointing to nearby access to Charleston International Airport, Joint Base Charleston, Boeing and Mercedes-Benz Vans. Thompson Thrift said the region’s momentum includes Roper St. Francis Health’s $1.2 billion North Charleston hospital campus, Boeing’s $1 billion expansion, a Volvo Cars expansion expected to add about 1,600 jobs, and KEEL’s $70 million submarine-manufacturing facility.
The Whitmore at Ingleside sits within the 1,500-acre Ingleside master-planned development, which is slated for more than 200 acres of green space alongside commercial, industrial, and recreational uses, the company said.
AltsWire has also reported on the developer’s 100th multifamily project, a 300-unit Dacula, Ga., community called Lineage, and on the March appointment of JR Plyler as chief investment officer.
Founded in 1986, Thompson Thrift has invested more than $7.3 billion in communities over the past 40 years and operates development, construction, leasing, and management functions from offices in Indianapolis and Terre Haute, Ind.; Denver; Houston; and Phoenix.
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