Watermark Residential Begins Development of 276-Unit Class A Multifamily Community in Kansas City, Missouri
March 23, 2020
Kansas City, MO
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.
