The 2024 Indiana Work-Based Learning Conference honored Hoosier work-based learners, employers, innovative programs, work-based learning supervisors, and career development professionals today.
Top Workplaces USA celebrates organizations with 150 or more employees that have built great cultures. Over 42,000 organizations were invited to participate in the survey. Winners are chosen based solely on employee feedback gathered through an employee engagement survey.
In February, Thompson Thrift held their 2024 Annual Meeting with the theme “Speak Up! The Power of Effective Communication,” which is a core competency at Thompson Thrift. The event was an interactive, informative, and celebratory day for approximately 500 team members to come together and celebrate wins, engage in industry topics, and look forward to an exciting year, with a strong development pipeline. Throughout three days, Thompson Thrift hosted the TT Core Awards Dinner, the 2024 Thompson Thrift Annual Meeting, and Community Management and Construction ancillary meetings.
Watch the 2024 Annual Meeting Video
At the time of our annual meeting, Jay served as Senior Vice President, Chief Economist for RealPage, leading the Economist and Industry Principal teams to provide deep insights on market trends and consumer behaviors (Parsons has since left and will continue to be a valued voice and analyst in the multifamily housing industry). He is a frequent author and speaker on topics affecting multifamily apartments and single-family rentals, including rental housing investment and asset management strategy, rental housing policy issues, risk mitigation and property management. Jay has been cited in The Wall Street Journal, Bloomberg, The Financial Times, The Economist, and The New York Times, and he has appeared on CNBC and BloombergTV.
“I’d like to thank Paul and his leadership team for having me out. Thompson Thrift is very well regarded across our country, across our industry, not only for the great work you do, but how you do it.”
– Jay Parsons“Big picture, this year [2024], it will be tough; there are a lot of challenges facing the industry. Long term, the outlook is still very bright. There is still demand for apartments, and the fundamental demand is still there. Investors still love the space as well. There is proving long term story around affordability, and structurally, we need more housing.” –
Jay Parsons1. Optimism has rebounded compared to last year. However, certain markets may face challenges in 2024 due to a large amount of multifamily supply being delivered, resulting from high construction starts in 2021 and 2022 driven by low capital costs, exceptional rent growth, and asset values. While this increased housing supply is deemed necessary and expected to be met by demand, it is currently resulting in subdued rent growth in the short term.
2. Comments by Blackstone’s Jon Gray suggest that Commercial Real Estate prices are stabilizing, reflecting improved clarity on rates, pricing, operating expenses, supply, and demand. Transaction volume for multifamily assets selling in 2024 is uncertain but expected to exceed that of 2023.
3. Fundamental demand for apartments is strong and should remain strong due to factors such as improved consumer confidence, a resilient job market, and wages surpassing rents. Additionally, high home prices and mortgage rates are redirecting potential home buyers to the rental market.
4. Multifamily construction starts continue to plunge, suggesting a significant decrease in supply anticipated by late 2025 and extending into 2026-27. This aligns with an improved revenue outlook expected during that period.
Thompson Thrift’s research and analytics teams will be releasing the annual Multifamily Market Outlook in the coming weeks.
TT Serve has a long-standing history of partnering with local nonprofit organizations as part of our culture to positively impact our community.
At this year’s Annual Meeting, TT Serve hosted a discussion panel with three partners to share their stories, their organizations’ missions, recent wins and challenges, and how Thompson Thrift has positively impacted them.
Next Step is a faith-based recovery community in Terre Haute, Indiana for those who are serious about overcoming their addiction to drugs and alcohol. Next Step provides both residential programs and outpatient services.
Organization Website
Learn more about TTServe
The mission of Heart Change Ministries is to serve marginalized women of Indianapolis with the gospel of grace, equipping them to live as God intended; as women, mothers, and members of their communities.
Organization Website
SKY (Skilled Knowledgeable Youth) is a program for middle and/ or high school students that teaches hands-on skills in various industries, including academic skills and job readiness or employment skills.
Organization Website
The 2024 Annual Meeting featured the “TT Exchange,” an expo-like atmosphere highlighting TT projects and service initiatives. Each team member received a passport to complete as they interacted with the displays and stations throughout the event.
Brett Barnes Senior Vice President of Organizational Development
“At this year’s Annual Meeting, we wanted to celebrate all of the work being done on our projects and in our communities across the country, highlight the various benefits we offer to positively impact families, and bring attention to our TT Serve community partners.
Paul Thrift, CEO of Thompson Thrift, was featured on the Apartment Life Leadership Podcast in February, sharing the value and power of servant leadership. Thompson Thrift takes this principle to new heights by integrating serving others from the Board Room, to staff members, to their properties, to local non-profits, and to others in need globally.
“The characteristics you want in a leader, and typically those rise to the top: honest, humble, respectful, kind, patient. At the heart of it is to love others, put them first, and try to build them up.”
– Paul Thrift
Our communities are designed with the residents in mind. From the uniquely curated clubhouse that greets you to the smart technology in the apartment homes, every detail, amenity, and service is carefully selected to enhance the resident experience.
In addition, we have partnered with Apartment Life to provide a unique living experience. Apartment Life teams reside in the community and act as an extension of our management teams. They welcome new residents and plan social events, making connections that result in higher retention rates and a true sense of community.
“Our clubhouses provide multiple public and private spaces, allowing residents to gather while maintaining a desired level of privacy outside their homes. Designing social spaces with a cafelike feel and a tech-forward business center with multiple focus rooms continues to be one of our most popular amenities.”
Resident Testimonial • The Sophia • Venice, FL
“My favorite resident experience is the way our teams show up; you can have a lot of cool things but so does everyone. We want to go above the standard. Our resident experience and care is our best amenity.”
FEBRUARY 13—2024
Thompson Thrift announced today the development of The Stadler, a 279-unit multifamily community in the Tampa suburb of Bradenton. Thompson Thrift plans to welcome new residents beginning in summer 2025.
“The Sarasota-Bradenton metro has seen significant household growth in recent years and Thompson Thrift looks forward to providing residents with an upscale rental living option with views of Sarasota Bay,” said Josh Purvis, managing partner for Thompson Thrift Residential.
Read the full article in our Pressroom
Brian Timberman, president of Thompson Thrift Construction, added, “Our team puts their hearts into each of our communities, but this one holds a very special place for us as it has been named in honor of Henry Stadler, late senior vice president and chief operating officer of Thompson Thrift Construction. We are forever grateful for his 27 years of service, friendship and dedication to our organization.”
In his time as Senior Vice President and Chief Operating Officer for Thompson Thrift Construction, Henry played a crucial role in helping grow Thompson Thrift into a multifaceted development and construction company. We will be forever grateful for his 27 years of service and dedication to our organization. Henry made a lasting impact on Thompson Thrift, our team members, and the Terre Haute community.
JANUARY 16—2024
Thompson Thrift announced the sale of Marketplace at Ellis Crossing, a 71,517-square-foot newly constructed shopping center that is part of a 30-acre mixed-use property under development in the Research Triangle Park area of Raleigh-Durham. Publix Super Markets, the grocery anchor at the center, purchased the shopping center for an undisclosed price. The sale was brokered by Berkeley Capital Advisors.
“W e are very pleased to have successfully closed this deal with Publix,” said Ryan Menard, vice president of development for Thompson Thrift. “With an industry leader like Publix anchoring the development, Marketplace at Ellis Crossing is not only poised to become the epicenter of connectivity and convenience in Research Triangle Park, but also to be a catalyst for further growth. Thompson Thrift is proud to be able to bring this project to such a dynamic, opportunity-rich region.”
Read the full article in our Pressroom
JANUARY 23—2024
Thompson Thrift announced the acquisition of approximately 20 acres of land for the development of South Bridge Marketplace. Construction of the first phase is slated to begin April 2024.
“As the eighth fastest growing city in the United States, Maricopa has seen high demand for additional retail and service options,” said Chris Hake, senior vice president, director of the Southwest region for Thompson Thrift. “Thompson Thrift looks forward to giving the residents of Maricopa the best-in-class retail options they’re looking for so they can shop close to home.”
Read the full article in our Pressroom
JANUARY 31—2024
Thompson Thrift is excited to announce today that the city of Fishers has provided approvals that clear the way for work to begin on the next two phases of its expansive master-planned Fishers District development in the Indianapolis suburb of Fishers.
Located near Interstate 69 and 116th Street, The Union will be a mixed-use development that will create a true urban experience. Plans for the 10-acre parcel include approximately 55,000 square feet of retail space, 60,000 square feet of Class A office space, a 150-room boutique hotel, a 250-unit multifamily community and 805 structured parking spaces that will provide parking for both residents and center visitors. Thompson Thrift is currently in negotiations for the hotel and approximately 40% of the retail space. Infrastructure work will begin in 2024 and Thompson Thrift plans to begin vertical construction in early 2025.
The Crossing at Fishers District will utilize 62 acres of land at the southern end of the development, the centerpiece of which will be the city-owned 7,500-seat event center currently under construction and the future home of the Indy Fuel—the professional hockey minor league affiliate of the NHL’s Chicago Blackhawks. The development will be a true mixed-use property, with office, retail, restaurant, residential, hotel and entertainment options. The event center is expected to be completed later this year.
Read
FEBRUARY 5—2024
Thompson Thrift announced today the sale of a 1.5-acre parcel in the Indianapolis suburb of Fishers to Kansas City-based Chicken N Pickle. Chicken N Pickle, the unique, indoor/ outdoor entertainment complex which includes a casual, chef-driven restaurant and sports bar, plus pickleball courts and yard games, plans to open their new location in 2025.
“The Crossing at Fishers District is already a one-of-a-kind development dedicated to enhancing the Fishers community, so we’re very pleased to welcome a unique, family-focused establishment like Chicken N Pickle to Indiana,” said Ryan Menard, vice president of development for Thompson Thrift. “Not only does it offer a distinct dining and entertainment option for the people of Fishers, but it is also expected to create more than 150 new jobs and generate considerable revenue for the city.”
Read
MARCH 27—2024
The CoStar Impact Awards recognize real estate developments with significant influence in neighborhoods or submarkets across 128 major markets in the United States, Canada and the United Kingdom. The winners, chosen for their growth, diversification, and ability to overcome unique challenges in their markets, were selected from a panel of more than 660 industry professionals drawn from each respective market. The judges noted that Slate at Fishers District is “walkable to Fishers District and all their eateries. Also, the villas are very unique with private patios.”
“Now in its third year, the CoStar Impact Awards are an incredible opportunity to recognize the real estate projects fundamentally transforming the industry landscape,” said Andy Florance, founder and chief executive officer of CoStar Group.
Read the full article in our Pressroom
• 18-Acre Mixed-Use Development
• 100,000+ SF of Retail and Restaurant Space
• 260 Luxury Apartment Homes
• 3 Story Parking Garage
• The Yard Community Green Space
• Dual Branded Hotel – Hyatt House and Hyatt Place
• 25-Acre Multifamily Community
• 242-Unit Class A Units
• 109 Buildings
• 95 Garages
• Clubhouse and Luxury Ammenities
• 8-Acre Mixed-Use Development
• 7,000 SF Multi-Tenant Building
• 20,000 SF Outlot
• 145-Room Courtyard by Marriott
• 37 Three Story Townhomes by Pulte Homes
• 7,500 Seat Event Center
• 98,186 SF of Retail and Restaurant Space
• 150-Room Hotel
• 250 Multifamily Class-A Apartment Homes
• 10-Acre Mixed-Use Development
• 55,000 SF Retail, Restaurant, Entertainment Space
• 250 Luxury Apartment Homes
• 150 Luxury Boutique Hotel Rooms
• 60,000 SF of Class A Office Space
• 400+ Space Parking Garage
Stay tuned for the 2024 Multifamily Market Outlook, featuring current market conditions and future forecast.
Keeping our partners informed:
THOMPSONTHRIFT.COM/MARKETINSIGHTS
