PHOENIX, June 23, 2020 /PRNewswire/ -- Watermark Residential, a wholly owned affiliate of Thompson Thrift and one of the nation's leading multifamily developers, announced today the acquisition of 10 acres of land in the Phoenix suburb of Gilbert, Ariz. The company will develop The Wyatt by Watermark, a $43 million Class A garden-style multifamily community on the land with an expected completion date of late 2021.
Located at 1205 South Gilbert Road, the site conveniently sits at the core of thriving downtown Gilbert, within walking distance to numerous high-end retail shops and restaurants and only a short drive to the entertainment and dining options available at Gilbert Heritage District and San Tan Village.
"According to data from the National Multifamily Housing Council, the greater Phoenix area needs 11,000 new apartments per year to meet demand," said Josh Purvis, managing partner of Watermark Residential. "Watermark Residential looks forward to helping fill the need for quality housing options with one of our innovative and aesthetically pleasing apartment communities."
The Wyatt by Watermark will consist of 216 one-, two- and three-bedroom apartment homes averaging 978 square feet. The apartment homes will feature upgraded finishes including gourmet bar-kitchens with granite countertops, stainless steel appliance packages, walk-in closets and full-size washers and dryers. Community amenities will include a clubhouse, 24-hour fitness center with state-of-the-art equipment, a resort-quality swimming pool with cabana and pet-friendly "bark park" and doggie spa.
Residents will enjoy easy access to the 202 loop with the ability to reach all four of Gilbert's major employment centers within 20 minutes. Additionally, the site is located within the Gilbert Public School District, the 4th Best School District in America, according to the National Council for Home Safety and Security.
Gilbert has experienced a population increase of 20 percent during the past decade and growth is expected to continue at double the national average over the next five years. In addition, the Phoenix suburb has been recognized for many awards recently including:
The Wyatt by Watermark is the third of six to be funded by the Watermark 3G Development Fund II, which closed in late 2019. In addition, it will be the second multifamily community for Watermark in Gilbert, who also owns the 250-unit Watermark at Gateway Place.
Since 2010 Watermark Residential has constructed more than 40 communities totaling over 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.
About Watermark Residential
A wholly owned affiliate of Thompson Thrift, Watermark Residential is a national leader in the development, construction, and management of upscale multifamily communities. Since its founding in 2008, Watermark has become a nationally recognized multifamily development and residential management company. Watermark communities epitomize the company's commitment to quality and value, while exhibiting meticulous attention to detail. The company has developed more than 11,000 homes across 13 states. With deep knowledge of each market entered and a methodical vision, Watermark is proud to develop communities that offer residents luxurious, convenient lifestyle. For more information, please visit www.watermarkapartments.com.
About Thompson Thrift Real Estate Company
Thompson Thrift is an integrated full-service real estate company with offices in Indianapolis and Terre Haute, IN, Houston, TX, Phoenix, AZ and Charlotte, NC. Thompson Thrift is engaged in all aspects of acquisition, development, construction, leasing, and management of quality multifamily, mixed-use, retail, and office projects across the country. We're passionate about our customer's success and strive to ensure our projects not only meet the needs of our customers but also the communities we serve. For more information, please visit www.thompsonthrift.com.
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SOURCE Watermark Residential