Thompson Thrift’s Latest Private Placement Fund Fuels New Florida Multifamily Project
By Staff
Real estate company Thompson Thrift announced that its Thompson Thrift 2025 Multifamily Development, LP will provide equity capital for the firm’s latest development: Velara, a 312-unit Class A multifamily community in Ponte Vedra, Fla.’s Nocatee master-planned community.
Construction is slated to begin mid-February, with the first residents expected to move in summer 2026.
As previously reported by Alts Wire, Thompson Thrift 2025 Multifamily Development, LP seeks to raise $230 million in total capital commitments from accredited investors who will participate in the development of a portfolio of ground-up, multifamily communities located across the country. The 2025 limited partnership marks the seventh multi-project development partnership offering by the company and consists of six identified development projects across five states – Colorado, Florida, Georgia, Indiana, and Kansas.
According to Thompson Thrift, Velara sits on just over 12.5 acres along Burbank Avenue near Nocatee’s western interchange and will feature three-story buildings offering studio, one-, two-, and three-bedroom configurations. The community will reportedly offer kitchens with quartz countertops, stainless-steel appliances, and glass-top ranges; hardwood-style flooring; quartz vanity tops and undermount sinks; full-size washers and dryers; and multiple smart home capabilities. Patio, balcony, private yard and detached garage options will also be available.
Velara will be the company’s 18th multifamily development in Florida and sits within the Nocatee master-planned community.
“Nocatee has been one of the country’s fastest-selling master-planned communities and there is significant demand for luxury multifamily living options,” said Josh Purvis, managing partner for Thompson Thrift Residential. “We are excited that Velara will provide residents with a high-quality multifamily community that seamlessly integrates with the unique Nocatee lifestyle.”
Thompson Thrift stated that it will include several resort-style amenities specifically, such as a covered pool-deck patio, a poolside sunken fire pit, and private golf cart garages.
In addition to the on-site amenities, residents will also have access to the amenities of the Nocatee community, such as a kayak launch, two waterparks, a 75-acre community park, various fitness trails, and Nocatee Town Center’s charming restaurants and stores, including the largest Publix in Northeast Florida.
Positioned off US-1 and Interstate 95, the Ponte Vedra area offers quick access to local beaches and over 5,000 acres of parks, preserves and trails in the area, as well as an easy commute to Jacksonville. Currently, there are more than 150 corporate, regional and divisional headquarters operating in the Jacksonville market, and the city had more corporate relocation activity in 2023 than any other major U.S. city.
In addition to launching its latest multifamily development fund, Thompson Thrift recently expanded into Idaho with a new multifamily development and sold the last remaining property in the Watermark 3G Multifamily Development Fund II, LP.
Thompson Thrift is a full-service real estate development company focused on multifamily, ground-up commercial and mixed-use development across the Midwest, Southeast and Southwest. It has invested more than $6 billion into local communities.
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