GRAND RAPIDS, Mich., Sept. 3, 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 approximately 24 acres of land in Grand Rapids where the company will develop The Grove by Watermark, their newest Class A luxury apartment community in the Midwest and first in Michigan. The expected completion date is August 2022.
Located at 3590 Beltline Avenue NE, The Grove by Watermark is northeast of I-96, Michigan's major east-west thoroughfare, connecting Grand Rapids, Lansing and Detroit. With frontage on Beltline Avenue, a major north/south connector, the convenient location offers residents a short commute to downtown Grand Rapids, where they can enjoy local museums, the John Ball Zoo and a host of breweries and restaurants. A great majority of the area's major employers, including Axios, the headquarters of Midwest supercenter chain, Meijer, and Spectrum Health, the largest employer in Western Michigan with 31,000 employees, are within a 15-mile radius.
"Located near the affluent Forest Hills community, and within one of the best school districts in the state, The Grove by Watermark has the distinction of being the only proposed or under construction multifamily community within a 10-mile radius, despite the strong demand," said Brian Southworth, senior vice president of development with Watermark Residential. "The fact that we were able to secure such a great site for this development which we expect will exceed the region's high standards and help to serve the rental needs of the community is a testament to the entire Watermark team."
The Grove by Watermark will include 320 one-, two- and three-bedroom apartment homes, averaging nearly 1,200 square feet. As with all luxury Watermark communities, the utmost care has been taken to create a superior resident experience. Each unit will feature Class A premium interior finishes, such as 9-foot ceilings with designer light fixtures, smooth glass cooktop stoves and stainless steel appliances, gourmet bar-kitchens with granite countertops, walk-in closets, garden tubs and full-size washers and dryers. Some units will also include an attached garage.
The resort style community amenities will consist of a professionally decorated clubhouse, a 24-hour fitness center with state-of-the-art equipment, a swimming pool with cabanas and fire pits, pickle ball courts, as well as a pet-friendly bark park and doggie spa. Plus, each resident will have consistent access to a committed management team dedicated to the highest-level of service.
The Grand Rapids-Wyoming MSA is the fastest growing region in the state, home to more than 1million residents, with Grand Rapids itself expected to grow 4.5 percent over the next five years. Job growth in the area has averaged over 2.3 percent per year for the last 10 years, with BestPlaces.net predicting a job growth of nearly 36 percent over the next decade. Additionally, Grand Rapids consistently ranks high on the U.S. News' livability scale and has been named the "Best Place to Live in Michigan", as well as one of the 15 best places to live in the country. Some other accolades for Grand Rapids include:
Josh Purvis, managing partner with Watermark, added, "As with all of our developments, The Grove by Watermark meets our stringent selection criteria, including easy access to major thoroughfares and proximity to major employers and high-quality retail experiences. With a strong regional demand and limited supply of Class A multifamily residences, we look forward to bringing the Watermark experience to Grand Rapids."
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, Indiana; Houston, Texas; and Phoenix, Arizona. 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