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WE’RE HAPPY TO ANNOUNCE

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

Thompson Thrift announced the closing of its latest multifamily development fund. The 2024 Fund, which successfully raised over $250 million in equity commitments, will support Thompson Thrift’s development, construction and management of Class A multifamily communities. The 2024 Fund marks the sixth fund offered by the company.

“This successful fundraise is a great validation of our team’s hard work and commitment to excellence. 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.” - Paul Thrift, CEO

A Message from Carrie Thrift LaFay

EPS C I ALANNOUNCE M TNE

Thompson Thrift Named a Top Apartment Developer, Builder by National Multifamily Housing Council

Thompson Thrift Residential, the company’s multifamily business unit, and Thompson Thrift Construction, its in house construction team, started 3,261 units to secure the #13 apartment developer in the country and #14 construction company on the NMHC list. In 2023, the company embarked on over $1 billion of Class A multifamily and luxury leased housing communities in Arizona, Colorado, Florida, and Georgia.

“Thompson Thrift is extremely honored by NMHC’s recognition as we strive to deliver best-in-class real estate developments across the country. We are grateful for the hard work and dedication of our team members who make recognition like this possible. Thompson Thrift remains committed to a continued pursuit of excellence that showcases our core values of excellence, service and leadership in every project.”

- Dan Sink, President and CFO

Thompson Thrift Publishes 2024 Multifamily Market Outlook

The 2024 Multifamily Market Outlook presents a comprehensive look at the current dynamics shaping the multifamily sector, including challenges, opportunities, and market forecast and strategy.

View the report and explore CEO Paul Thrift’s market outlook videos, including valuable insights into current market trends and strategies on the TT Market Insights website.

Snapshot: Market Highlights

Wage growth has outpaced rent growth for the last 15 months. An average rent-to-income ratio of 23% in Q4 2023 demonstrates that Class A renters have a strong ability to pay their rent.

(RealPage, 2024; Atlanta Fed, 2024)

Demand for housing remains strong.

Multifamily absorption (demand) in Q1 2024 marks the highest level of Q1 absorption in the last 20 years.

(RealPage, 2024)

National multifamily occupancy remains healthy at 94.2% compared to the 20-year average from 2004-2023 of 94.6%.

(RealPage, 2024)

Multifamily starts decreased 34% from 2022 to 2023 and are expected to decrease a total of 55% from 2022 to 2025, creating a more favorable environment for multifamily and suggesting a significant decrease in supply anticipated late 2025, 2026, and 2027.

(RealPage, 2024; Zelman & Associates, 2024)

U.S. MULTIFAMILY HOUSING STARTS

Multifamily starts decreased 34% from 2022 to 2023 as elevated interest rates and more stringent debt requirements created barriers to financing new developments. Annual starts are expected to fall by 55% from 2022 to 2025. We anticipate the lack of deliveries in 2025, 2026, and 2027 will create favorable conditions for occupancy, leading to a positive rebound in rents. (RealPage, 2024; Zelman & Associates, 2024)

A Culture of Excellence, Service, and Leadership

The Top Workplaces list is based solely on team member feedback gathered through a third-party survey administered by team member engagement technology partner Energage, LLC. The confidential survey uniquely measures the team member experience and its component themes, including team members feeling respected & supported, enabled to grow, and empowered to execute, to name a few.

Read more about IndyStar Top Work Places

Read more about Denver Post Top Work Places

“We recently announced active recruitment efforts to achieve growth plans. Past candidates have shared with us that awards like these help provide insight about the company culture and what it’s like to work at Thompson Thrift.”

- Kristin Tolliver, Senior Vice President of Human Resources

The Stadlership

Thompson Thrift’s 2024 interns are working across multiple departments in the Indianapolis, Terre Haute, and Denver offices. The interns are also on jobsites and communities in Indiana, Colorado, Arizona, and Florida. This summer’s intern class has 29 interns representing 10 different schools across the nation.

2024

“In the industry, it’s extremely valuable to have experience both in the field and in office. When offered to come back, I was glad to transition from being in the field to being in office to increase my versatility, and I’m so thankful Thompson Thrift has provided that for me.”

Jace Russell Intern, Preconstruction

Thompson Thrift has renamed the summer internship program The Stadlership, honoring Henry Stadler, late SVP and COO of Thompson Thrift Construction.

One of Henry’s most enduring legacies is his commitment to nurturing and mentoring young talent. He believed in the power of mentorship to shape future leaders and invested his time and energy into fostering the growth and development of those just starting their journey in the construction and development field.

“The culture at Thompson Thrift stands out immensely because their team members exemplify the core values. They have also allowed me to explore many different facets of the company and given me opportunities to find my passion.”

Carter Jackson Intern, Construction

“I chose to return to Thompson Thrift because I could tell the people cared about me and my personal growth.”

Mann Intern, Market Research

Meet the Thompson Thrift 2024 Summer Interns

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INTERNal Perspective

Libby Leonard Intern, Marketing Department

I’m Libby, a second-year intern at Thompson Thrift, currently working with the Communications and Engagement Team this summer. Previously, I served as a market analyst within the Commercial Team. I’m an incoming senior at Purdue University, pursuing dual majors in Finance and Marketing along with a Certificate in Applications in Data Science.

Choosing my studies at Purdue was initially challenging as I wasn’t sure what kind of career path I wanted to pursue. Thompson Thrift has been instrumental in helping me navigate this uncertainty.

Through my internships here, I’ve received invaluable mentorship, been trusted with significant responsibilities, and received guidance that has profoundly influenced both my professional growth and personal development.

Last summer, I had the opportunity to explore different roles within the company, thanks to the openness and support of team members who generously shared their insights. The tasks I’ve been assigned have provided me with practical skills and a sense of achievement. Beyond the work itself, what stands out about Thompson Thrift is the culture. I’ve learned firsthand that the people you work with and the values they uphold are crucial factors in career satisfaction and growth.

Thompson Thrift’s commitment to nurturing talent and creating a supportive learning environment has been crucial in preparing me for my future career.

I’m grateful for the opportunities I’ve had here and excited to apply what I’ve learned as I continue my academic and professional journey.

- Libby Leonard

LEARN MORE ABOUT THE CAREER TRAINING AND OPPORTUNITIES FOR STUDENTS AND GRADUATES.

Thompson Thrift Careers

Libby was nominated for Work-Based Learner of the Year at the 2024 Indiana Work-Based Learning Conference. These awards honor Hoosier work-based learners, employers, innovative programs, work-based learning supervisors, and career development professionals.

Four Community Ribbon Cuttings

Four Thompson Thrift communities recently celebrated their ribbon cuttings with residents, community leaders, and team members. To give back and serve our new communities, a local charity is selected to receive a donation at these events.

LONGMONT, CO

Boulder MSA

WYOMING, MI

Grand Rapids MSA

RAYMORE, MO

Kansas City MSA

MONUMENT, CO

Colorado Springs MSA

Latest Company News

Thompson Thrift to Develop Luxury 276-Unit Multifamily Community in Florida’s Space Coast Community of Vero Beach

April 15, 2024