Thompson Thrift Closes Multifamily Development Fund Following Equity Raise of More than $250 Million

INDIANAPOLIS, June 13, 2024 ~ Indianapolis-based real estate company, Thompson Thrift, has announced the successful closing of its latest multifamily development fund. The company, known for its full-service and nationally recognized real estate services, raised over $250 million in equity commitments for the fund. This marks the sixth fund offered by Thompson Thrift.

According to CEO Paul Thrift, this achievement is a testament to the hard work and dedication of the team. He stated, "Their real estate expertise, ability to select markets and sites with exceptional demand drivers and established track record of performance continues to be rewarded with strong interest from our valued investment partners."

Thompson Thrift has established itself as a leader in developing Class A, luxury multifamily communities across the United States. Their portfolio offers a diverse range of rental options from conventional garden-style multifamily communities to luxury leased villas and townhomes, catering to the varied wants and needs of today's renters.

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The funds raised will be used for seven new upscale multifamily developments in geographically diverse suburban growth markets across the country. This allows Thompson Thrift to begin projects from its 2024 development pipeline with optimal timing and precision.

Vice President of Capital Markets, Carrie Thrift LaFay, expressed gratitude towards their investment partners who have shown unwavering support. She stated that 72% of the partners who made commitments have previously invested in a Thompson Thrift offering. "We greatly appreciate our loyal partners, and we remain committed to being good stewards of their investments," she added.

Since adding a multifamily business unit in 2008, Thompson Thrift has constructed more than 80 communities in suburban locations across the United States. The company focuses on developments in areas experiencing rapid job growth, increased rental demand and barriers to new supply.

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Managing Partner for Thompson Thrift Residential, Josh Purvis, shared his excitement about expanding into dynamic and growing markets with their latest successful fundraise. He believes that their track record and deep understanding of the multifamily sector position them well to capitalize on these expanding regions and deliver high-quality rental options for the residents of those communities.

Thompson Thrift has come a long way since its founding nearly 40 years ago. From a locally focused development and construction company, it has grown into a full-service, integrated enterprise with a national scope. The company's three business units have developed and built over $5.4 billion of commercial real estate in 22 states, including more than 21,500 Class A apartment homes in more than 80 communities and over 4.5 million square feet of mixed-use and retail projects.

With this latest fundraise, Thompson Thrift is poised to continue its expansion into new markets and provide top-notch rental options for residents across the country. Their commitment to excellence and strong partnerships with investors have solidified their position as a leader in the real estate industry.
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