Source: Watermark Residential
INDIANAPOLIS, IN - Watermark Residential, a wholly owned affiliate of Thompson Thrift and one of the nation's leading multifamily developers, announced the closing of Watermark 3G Multifamily Development Fund II, which successfully met its $105 million funding limit. The fund is a joint venture between Watermark Residential and Irvine, Calif.-based 3G Capital Advisors LLC.
"We appreciate the support and confidence our investment partners have placed in us," said Paul Thrift, president and chief executive officer of Thompson Thrift and Watermark Residential. "Our success in this equity raise is a testament to the strength or our entire team and a long track record of delivering high quality projects that result in impressive returns to our investors. In just over four months, we secured commitments that met our goal of $105 million that will fund the required equity for six of our planned 2020 multifamily development projects."
Christopher Hilbert, chief executive officer of 3G Capital Advisors, added, "Completing our equity raise so quickly is a testament to Watermark's well-deserved reputation for developing high-quality apartment communities."
Watermark will close on the first of six projects in Huntsville, Ala., later this month. The other five Class A multifamily communities included in the fund are located in Arizona, Colorado, Michigan and Missouri and are slated to close by year end 2020.
"We are excited to get to work on bringing these communities to market," added Carrie Thrift LaFay, vice president of corporate development. "Each of these planned developments are strategically located in high growth markets where demand for quality multifamily homes far exceed the supply."
Since 2010, Watermark Residential has constructed more than 40 projects totaling in excess of 11,000 multifamily apartment homes. The company has consistently focused on developments in areas experiencing rapid job growth, increased rental demand and barriers to new supply.