HOUSTON, March 14, 2022 /PRNewswire/ — Thompson Thrift Residential, a wholly owned subsidiary of Indianapolis-based in Thompson Thrift and one of the nation’s leading multi-family developers, today announced the sale of Magnoliaa 336-unit Class A multi-family community located in the Houston suburb of Spring. A private real estate investment firm purchased the community for an undisclosed amount.

“from Houston housing values ​​have seen healthy growth in recent years and Spring is one of its best performing suburban real estate markets,” said Josh Purvis, managing partner of Thompson Thrift Residential. “This growth, combined with the first-class quality, style and convenience that characterizes Thompson Thrift communities, has made Magnolia a very attractive community for our residents. We are pleased to complete a strategic sale that benefits all parties involved.”

Located at 7203 North Grand Parkway West, the 15.5-acre community features one-, two-, and three-bedroom apartments with spacious farmhouse-style floor plans. Built in 2018, Magnolia features in-demand finishes that Thompson Thrift communities are known for, including recycled glass countertops, stainless steel appliances, and full-size washers and dryers. Community amenities consist of a 24-hour fitness center, resort-style cabanas, game room, and bark park, among others.

Driven by its low supply of housing and the presence of prominent employers, such as the regional headquarters of Exxon Mobil, the Tombball/Spring submarket is one of from Houston best performing suburban housing markets. Additionally, Spring is home to highly engaging shopping, dining and entertainment experiences. The Grand Parkway Marketplace is just minutes from Magnolia and provides residents with easy access to national retailers like Target, TJ Maxx, Ulta and Burlington. Also nearby is the Spring Trails Preserve, providing residents with a great place to exercise and enjoy nature.

Thompson Thrift has made a name for itself as one of the few developers to build Class A residential communities in markets across the country with a range of conventional luxury villas and townhouse style communities. Throughout its history, the company has invested more than $3.15 billion and has made itself known as a trusted partner committed to the development of attractive and quality communities. The company recently earned the distinction of being named one of the GlobeSt. Real Estate Forum’s Multifamily Real Estate Influencers for 2021.

David Mitchell with Newmark’s Multifamily Capital Markets, negotiated the sale of Thompson Thrift.

About Thompson Thrift Realty Company
Thompson Thrift is a full-service, integrated real estate company with offices in Indianapolis and Terre Haute, Indiana, Houston and Phoenix. Three business units drive Thompson Thrift’s success: Thompson Thrift Residential, which focuses on high-end Class A multi-family communities and luxury rental homes, Thompson Thrift Retail Group, which focuses on commercial development from scratch, and Thompson Thrift Construction, a full-service construction company. . Through these business units, Thompson Thrift is engaged in all aspects of the acquisition, development, construction, leasing and management of multi-family, mixed-use, commercial, industrial and commercial projects in quality across the country. We are passionate about the success of our clients and strive to ensure that our projects meet not only the needs of our clients, but also the communities we serve. For more information, visit www.thompsonthrift.com

Contact:
Jennifer Franklin
Featured marketing communications
949.427.1385
[email protected]

SOURCEThompson Thrift