SOUTH BEND, IN - Watermark Residential, a wholly owned affiliate of Thompson Thrift and one of the nation's leading multifamily developers, announced the completed sale of The Villas on Fir, a 290-unit Class A, Big House multifamily community in the South Bend-Mishawaka MSA to Gray Capital for an undisclosed price.
"The South Bend-Mishawaka area offered an opportunity to develop a quality site with best-in-class product in a market with limited new market rate competition," said Brian Southworth, senior vice president, acquisition for Watermark Residential. "That combination provided for a successful lease up and allowed us make an opportunistic sale based on the appetite of capital chasing new construction."
The Villas on Fir started welcoming residents in early 2019. The property is located at the southwest corner of Fir Road and the Indiana Toll Road and features Humphreys and Partners Architects modern Big House design. The Big House concept allows residents the luxuries of a single-family home, combined with the benefit of the maintenance-free lifestyle of a professionally managed multifamily community. Each of the one-, two- and three-bedroom homes includes a private front door, attached garage, a walk-out balcony or porch, gourmet bar-kitchens with quartz countertops and designer light fixtures, nine-foot ceilings and much more. Additionally, residents can enjoy the community amenities such as the professionally decorated clubhouse, resort style swimming pool, community gardens, fitness trails, dog park and doggie spas and a 24-hour, state-of-the-art fitness center.
The strategic location of the property near the area's major thoroughfares allows for easy access to the iconic University of Notre Dame and numerous high-end retail and dining options, all within five miles from the community. The Villas on Fir is also convenient for commuters, as it is near several of the region's major employers, including Beacon Health System, AM General and St. Joseph Regional Medical Center.
"With limited land parcels available for development and comparable area properties 95 percent occupied, there remains strong demand for luxury multifamily communities in the South Bend-Mishawaka area," said Josh Purvis, managing partner with Watermark Residential. "The Villas on Fir has been an unqualified success, and Watermark remains diligent in its pursuit of sites to develop across the Midwest."
George Tikijian, Hannah Ott and John Baker of Cushman & Wakefield brokered the sale.
The Villas on Fir is just one of several Watermark communities located across the Midwest and the U.S. Since 2010, Watermark Residential has constructed more than 50 projects totaling in excess of 13,000 multifamily apartment homes. The company has consistently focused on developments in areas experiencing rapid job growth, increased rental demand and barriers to new supply.