Thompson Thrift Residential Sells Luxury Multifamily Community Near Houston
March 14, 2022
Houston, TX
HOUSTON (March 14, 2022) – Thompson Thrift Residential, a wholly-owned affiliate of Indianapolis-based Thompson Thrift
and one of the nation’s leading multifamily developers, announced today the sale of Magnolia, a 336-unit Class A multifamily community located in the Houston suburb of Spring. A private real estate investment firm purchased the community for an undisclosed amount.
“Houston’s housing values have seen healthy growth in recent years and Spring is one of its top-performing suburban housing markets,” said Josh Purvis, managing partner for Thompson Thrift Residential. “This growth, combined with the first-class quality, style and convenience that are hallmarks of Thompson Thrift communities, has made Magnolia a very appealing community for our residents. We are pleased to make 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 apartment homes with spacious farmhouse-style floorplans. Built in 2018, Magnolia features in-demand finishes for which Thompson Thrift communities are known, 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, a game room, and a bark park, among many others.
Driven by its low supply of housing and the presence of top employers, like Exxon Mobil’s regional headquarters, the Tomball/Spring submarket is one of Houston’s top-performing suburban housing markets. Additionally, Spring is home to some very attractive shopping, dining and entertainment experiences. The Grand Parkway Marketplace is just minutes away from Magnolia and offers residents easy access to national retailers like Target, T.J. Maxx, Ulta and Burlington. Also nearby is the Spring Trails Reserve, offering residents an ideal place to exercise and enjoy nature.
Thompson Thrift has made a name for itself by being one of the few developers to build Class A residential communities in markets across the country with a range of conventional, luxury leased villa and townhome-style communities. Throughout its history, the company has invested more than $3.15 billion and has become known as a trusted partner committed to developing high-quality, attractive communities. The company recently earned the distinction of being named one of GlobeSt. Real Estate Forum’s Influencers of Multifamily Real Estate for 2021.
David Mitchell with Newmark’s Multifamily Capital Markets brokered the sale for Thompson Thrift.
