Cover: The Quinn • Pensacola, FL
The Quarry • Fort Collins,
Merry Christmas from Thompson Thrift
A SEASON OF GRATITUDE
As the year draws to a close, I want to take a moment to express my heartfelt gratitude to each of you. Your trust and partnership have been the foundation of our success, enabling us to execute our development strategy with strength and purpose. Simply put, we could not have achieved what we have this year without you.
This year, we celebrated significant milestones together. Our multifamily portfolio welcomed residents to eight communities, started construction on eight new developments totaling 2,335 housing units, and successfully sold five properties.
Today, our growing portfolio includes 38 residential properties—27 of which are in lease-up— and 30 commercial developments. These numbers represent lives touched and communities enhanced, a testament to the meaningful impact we are making together.
The ongoing housing supply and demand imbalance in our industry underscores the importance of the work we’re doing and fuels our optimism for the future. As we prepare to launch our 2025 projects, we are excited by the opportunities ahead and grateful to have you by our side.
Beyond our developments, we’re proud to make a meaningful impact on our team members and communities through TT Serve. In 2024, we organized six global vision trips, held 13 Serve Days, and supported 150 team members through the Miriam Movement.
From all of us at Thompson Thrift, Merry Christmas to you and your families. May this season bring joy, peace, and a renewed sense of purpose as we look ahead to another year of shared success.
Carrie Thrift LaFay
The LaFay Family - Carrie, Mark, Maggie, Harvey, and Ben
End of Year Impact Report
TT SERVE’S 2024 AREAS OF IMPACT
2024 has been a remarkable year for TT Serve, thanks to you and our amazing team at Thompson Thrift. Together, we’ve achieved incredible milestones and deepened our impact.
We doubled the number of Vision Trips this year, sending 6 trips and more than 50 team members to Central America. We also helped fund 12 additional church building projects in those regions, bringing hope and resources to countless communities.
Nearly 500 team members participated in our 4 Indiana Serve Days, and more than 200 other team members served at our 9 Regional Serve Days. That equates to more than 4,200 hours of skilled volunteer labor, a contribution valued at more than $200,000, directly benefiting our trusted partners.
Team
Supported nearly 150 Team Members during times of personal hardship through the Miriam Movement.
Community
Nearly 500 team members participated in the four Indiana Serve Days.
200 other team members served at the nine regional Serve Days.
4,200 hours of skilled labor, a contribution valued at more than $200,000.
Supported 80 community organizations through fundraisers and sponsorships.
Global
6 Vision Trips.
50+ team members.
12 additional church buildings funded.
End of Year Impact Report
We were able to support an additional 80 community organizations through fundraisers and sponsorships, many of those nonprofits being organizations where our team members volunteer.
And in 2024, we were able to provide vital support to nearly 150 team members during times of personal hardship through the Miriam Movement. I’m proud to say that the funding for the entire Miriam budget came from team members who personally contributed to care for their fellow team members. This underscores the compassionate and giving spirit that define our team.
We truly have a beautiful, generous culture here at Thompson Thrift, and are grateful to make an impact on the communities we serve.
Keith Carlson Director of Philanthropy
Watch this short video to recap TT Serve’s positive impact throughout 2024.
WATERMARK 3G MULTIFAMILY DEVELOPMENT FUND II, LP
Thompson Thrift Sells Last Apartment Development in Multifamily Development Fund, Delivers Strong Full-Cycle Results for Investors
Thompson Thrift has successfully sold the last remaining property in the Watermark 3G Multifamily Development Fund II, LP (“2020 Fund”), achieving a 34.5% internal rate of return and a 2.16 equity multiple.
The Watermark 3G offering met its $105 million funding goal in January 2020 and deployed capital to develop six Class A multifamily development projects in Alabama, Arizona, Colorado, Michigan and Missouri. The first three assets were sold in the latter half of 2022 and one traded in 2023. The remaining two communities were sold in July and October 2024.
“Being good stewards of our investment partners’ investment is our top priority, and we are pleased to have delivered excellent returns for our partners. Our 2020 Fund enabled us to launch excellent projects in areas where we identified strong opportunities, leading to a highly successful conclusion.” - Carrie Thrift LaFay,
Vice President
of Equity Capital Markets Press Release
Fishers Event Center Celebrates Grand Opening
The Fishers Event Center, a 7,500-seat arena within The Crossing at Fishers District, recently completed construction and has opened its doors following a ribbon-cutting ceremony on November 22.
“The new arena is the centerpiece of The Crossing at Fishers District and will provide year-round visibility and foot traffic for the restaurateurs, retailers and service providers we are looking to bring to the development. We look forward to working with existing and new-to-market concepts wanting to join this truly unique environment.”
- Ashlee Boyd, Managing Partner, Thompson Thrift Commercial
The Event Center is at the southern end of the master-planned Fishers District development. The venue will serve as a home to three professional sports teams (Indy Fuel Hockey Club of the ECHL; Indy Ignite of the Professional Volleyball Federation; and Fishers Freight of the Indoor Football League), while offering a uniquely intimate setting for a wide variety of community events and concerts spanning genres including theater, comedy, family, country, rock and more. Events for the first half of 2025 have already been announced, and include Cirque du Soleil’s acrobatic ice experience CRYSTAL, country artist Blake Shelton, and comedians Tom Segura and Leanne Morgan.
Press Release
EPS C I ALANNOUNCE M TNE
Aimee O’Connor Receives 2024 Women of Influence Award from IBJ
Since joining Thompson Thrift in September 2014, Aimee has made a monumental impact on our organization, team, and culture. Her leadership has driven transformative initiatives, strengthened our operational framework, and fostered an inclusive, empowering work environment that resonates with team members across all levels. Aimee’s dedication to excellence and her unwavering commitment to Thompson Thrift’s values make her a truly deserving recipient of this recognition.
“I am so happy to see Aimee recognized as a Woman of Influence. Aimee’s influence has positively impacted Thompson Thrift and our team members for many years. Aimee is caring, thoughtful, firm, and effective. She is tough and strives to meet the needs of those around her. I have the utmost respect and admiration for Aimee and am proud to have her on our team.”
- Paul Thrift, CEO
Press Release
Latest Company News
Thompson Thrift Named a Top Multifamily Developer and Top Commercial Real Estate Developer for 2024
December 17, 2024
Read the full article in our Pressroom
Thompson Thrift Sells 276-Unit Class A Multifamily Community near Charlotte
December 16, 2024
Read the full article in our Pressroom
Thompson Thrift Hosts Ribbon Cutting for The Maddox, a Luxury Apartment Community Near Phoenix
November 19, 2024
Read the full article in our Pressroom
Thompson Thrift Sells Citadel at Castle Pines Near Denver
November 18, 2024 Read the full article in our Pressroom
Thompson Thrift Brings Class A Industrial Space to Queen Creek, Arizona
November 7, 2024 Read the full article in our Pressroom
Signs of Stabilization and a Bright Future Ahead
The multifamily market is showing encouraging signs of stabilization, with promising developments reported by The Wall Street Journal indicating national apartment occupancy has reached a positive turning point.
Key Highlights
VACANCY RATES STABILIZING: For the first time in three years, vacancy rates have stopped rising as demand for apartments surged to its highest level since 2021. According to RealPage, occupancy levels in the Top 150 US Markets remain at a healthy 94.3%.
STRONGER PRICING POWER: Landlords are regaining leverage, with rent growth projected to rebound by mid-2025.
INCREASED ACTIVITY: Apartment building sales are beginning to pick up as investor confidence grows.
Looking Ahead
THE MULTIFAMILY SECTOR IS POISED FOR A BRIGHT FUTURE. WITH 2024 STARTS TRACKING AT THE LOWEST LEVELS SINCE 2013 and completions outpacing starts by 218,500 units, the groundwork is being laid for a notable supply-demand imbalance by 2026.
As renowned real estate economist Jay Parsons observes, “The only other time in modern history we’ve seen a startsto-completions gap like this was 1974.” Read more from Jay Parsons.
This environment creates an exciting backdrop for projects currently in development, positioning them to enter the market during a period of stronger rent growth and heightened leasing activity. We are confident in the opportunities ahead and remain dedicated to delivering excellent results for our partners.
THOMPSON THRIFT RECENTLY FEATURED IN PODCASTS
CEO Paul Thrift joined renowned real estate economist Jay Parsons in November on The Rent Roll podcast to discuss the multifamily supply outlook. Paul shares how Thompson Thrift, the nation’s 13thlargest apartment developer, is navigating today’s challenges to drive new projects nationwide and capitalize on current opportunities.
CLICK HERE to listen to the interview with Paul Thrift (23:36; 32 minutes)
In November, the Walker Webcast, hosted by Willy Walker, Chairman and CEO of Walker & Dunlop, featured an insightful discussion on the multifamily market with Jay Parsons and highlighted Thompson Thrift as a leader in the industry. The discussion explored the current dynamics, challenges, and opportunities shaping the multifamily sector, emphasizing its resilience and opportunities ahead.
CLICK HERE to listen to the podcast. (1 hour, 18 minutes)
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