Watermark Residential Begins Development of 276-Unit Class A

|Mar 24|magazine10 min read

KANSAS CITY, Mo., March 24, 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 23 acres of land in Kansas City, Missouri where they plan to develop The Element by Watermark, a 276-unit class A apartment community.

Located in Platte County at 8101 Northwest Barrybrooke Drive, the site is strategically situated just east of I-29, the major north-south thoroughfare, providing convenient access to major city employers and the Kansas City International Airport. Platte County is the fastest growing county in Missouri and has experienced population growth double that of the U.S. average.

"The Kansas City area is experiencing prolific growth, and there is a significant shortage of new supply as more people move into this area seeking quality multifamily rentals," said Paul Thrift, president and chief executive officer of Thompson Thrift and Watermark Residential. "There are no other projects under construction in this submarket, except for our own Watermark at Tiffany Springs, which has already commenced its lease up."

The Element by Watermark lies within the highly rated Park Hill school district and is within walking distance of a newly developed Edgewood Farms retail center that includes AMC, Freddy's Frozen Custard, Main Event Entertainment, One Life Fitness and Texas Roadhouse.

Watermark's planned multifamily community will consist of three-story, garden-style apartment buildings offering one-, two- and three-bedroom apartment homes. 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.

Josh Purvis, managing partner for Watermark Residential, added, "Kansas City is a great fit for Watermark, which seeks to develop multifamily communities that stand out from the competition. We look forward to seeing this new development ramp up quickly."

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. Element at Watermark will be the company's third multifamily development in Missouri.

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 units across 11 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, Ind., Houston, Phoenix and Charlotte, N.C. Three service pillars drive Thompson Thrift's success—Thompson Thrift Retail Group which is focused on ground-up commercial development, Watermark Residential which is focused on upscale multifamily communities and Thompson Thrift Construction, a full-service construction company. Through these business units, 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