Thompson Thrift to Develop 89-Unit Townhome Community Near Nashville
June 15, 2020
Nashville, TN
Indianapolis-based Thompson Thrift, a full‑service nationally recognized real estate company, announced today the acquisition of approximately six acres of land in the Nashville suburb of Franklin for the development of a luxury leased townhome community called The Townhomes at Oakbrook.
“As Americans lifestyles and preferences continue to favor renting, we see increasing demand for a higher-quality lease living experience,” said Paul Thrift, president and chief executive officer of Thompson Thrift. “The Townhomes at Oakbrook will deliver a unique housing alternative to serve the ‘missing middle’—high quality attached homes that span the gap between multi-story apartments and for-sale single-family homes.”
According to the U.S. Census Bureau, Franklin is among the fastest growing cities in the country and seven Fortune 500 companies are located within a 15-minute drive of the site. The high quality of life and quick access to Nashville have sculpted the area into the most coveted submarket in the state with elite public schools, top-notch dining and some of the area’s highest home values, creating an affordability challenge for residents. The Townhomes at Oakbrook will feed the growing housing demand by providing a unique housing alternative that does not exist today in Franklin.
Located at 200 Mallory Station Road, the 89-home community is across from the Vanderbilt Legends Golf Course and within a 10-minute drive to downtown Franklin. The two- and three-story townhomes will offer a mix of spacious two-, three- and four-bedroom layouts with monthly rents starting at $2,600. Construction is scheduled to begin in August with units being delivered in mid-2021.
The Townhomes at Oakbrook are designed to live like single-family homes and will feature private two-car garages, nine-foot ceilings, a high capacity washer and dryer and walk-out patios and balconies. Care has been taken to include custom home finishes including stainless steel appliances, quartz countertops, kitchen islands and pantries, powder rooms and his and hers closets. The community includes walking trails, a dog park, clubhouse with 24-hour fitness, a lap pool and an outdoor cooking station.
Thompson Thrift’s luxury leased division was recently created to serve as a complement to their Watermark Residential brand that is a national leader in the development, construction and management of upscale multifamily communities. The Townhomes at Oakbrook is the third luxury leased project for the company. The first two projects are in suburbs of Denver and Phoenix and will be welcoming residents later this year. Thompson Thrift plans to deliver up to 500 luxury leased homes per year in targeted locations across the county where the median home price places the single-family lifestyle beyond the reach of many residents.
Jose Kruetz, managing partner of Thompson Thrift stated, “Many developers playing in the luxury leased space come from the single-family development side of the business. At Thompson Thrift, our professional management team is keenly positioned to provide an upscale single-family lifestyle with the flexibility and maintenance-free ease of a leased home.”
