Q1 2025 Thompson Thrift Partner Newsletter by thompsonthriftmarketing

EPS C I ALANNOUNCE M TNE

SECOND CONSECUTIVE YEAR

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 2,659 units in 2024 to secure the #15 apartment developer in the country and #19 construction company on the NMHC list. In 2024, the company embarked on over $780 million of Class A multifamily communities in Florida, Colorado, Georgia and Idaho.

“We’re proud to once again be recognized by NMHC as one of the nation’s top developers and builders. This continued recognition is a testament to the dedication of our team members, the strength of our partnerships, and our commitment to delivering highquality developments that make a lasting impact in the communities we serve.”

- Dan Sink, President and CFO, Thompson Thrift Development

Thompson Thrift Earns

Recognition in Two Categories

SAFETY AWARD FOR EXCELLENCE (SAFE)

Multifamily Safety Program of the Year

TOP WORKPLACES USA AWARD FOR THIRD CONSECUTIVE YEAR

Top Workplaces USA celebrates organizations with 150 or more team members that have built great cultures. Over 42,000 organizations were invited to participate in the survey. Winners are chosen based solely on team member feedback gathered through an team member engagement survey.

Read

The goal of the SAFE awards program is to recognize the achievements of single- and multi-family builders, remodelers, specialty trade contractors and others whose efforts successfully advance safety in the industry. Read

MARCH 13, 2025

Thompson Thrift Closes Latest Multifamily Limited Partnership Offering with More than $255 Million in Capital Commitments

Thompson Thrift announced the closing of its latest multifamily limited partnership. The offering raised more than $255 million in total capital commitments, surpassing the original goal of $230 million. The funds will be utilized to develop a portfolio of geographically diverse, Class A multifamily real estate communities.

The 2025 limited partnership marks Thompson Thrift’s seventh multi-project development fund. The committed funds allow Thompson Thrift to strategically launch seven new, upscale multifamily developments in suburban growth markets nationwide with optimal timing and precision.

“Exceeding our capital-raising goal reflects the strong trust our investment partners place in our team and strategy. With multifamily construction starts at their lowest point in over a decade, we see a significant opportunity to deliver much-needed housing in key markets. We are excited to put this capital to work in building high-quality communities and creating lasting value.”

- Paul Thrift, CEO

Press Release

Rendering of 2025 LP development in Ponte Vedra Beach, FL. Read More

THOMPSON THRIFT 2025 ANNUAL MEETING

Insight to Impact

In February, Thompson Thrift held their 2025 Annual Meeting with the theme Insight to Impact, emphasizing the value Thompson Thrift places on team member feedback, and how it shapes our future as a company.

The event was an interactive, informative, and celebratory day for our team members. Throughout three days, Thompson Thrift hosted the TT Core Awards Dinner, 2025 Thompson Thrift Annual Meeting, and Community Management and Construction ancillary meetings.

Watch the 2025 Annual Meeting Video

THOMPSON THRIFT 2025 ANNUAL MEETING

Living the Core Awards

Thompson Thrift hosted the third annual TT Core Awards Dinner to recognize team members. Below is a snapshot of a few of our award recipients.

Kyle James Preconstruction & Design Manager COMMERCIAL

Shaun Jones Director of Construction CONSTRUCTION

Logan Keen Project Manager

COMMUNITY MGMT

Shannon Sharpe Community Manager

CORPORATE SERVICES

Greg Myers Director of Technology Operations

40+ TEAM MEMBERS were recognized for the One Team Award, for their successful design, construction, and lease-up of The BLVD at Wilson Crossings community, in Wyoming, Michigan.

Multifamily Market Trends

We wanted to highlight a timely and insightful episode of the Walker Webcast, hosted by Willie Walker, Chairman and CEO of Walker & Dunlop. In this episode, Jon Gray, President and COO of Blackstone, shares his perspective on the state of multifamily real estate—pointing to continued supply constraints, long-term demand drivers, and why he’s still betting on multifamily.

CLICK

HERE

to listen to the podcast. Feature on the multifamily market at the 29-34 minute timestamps.

“I think as an investor the hard part…is you’ve got to not look backwards, but think about the fact that no one’s building today, [which] means that there’s going to be a shortage in the future, therefore there will be rental growth that’s outsized, so I want to put my chips in that area.”

- Jon Gray

President and COO, Blackstone

Excerpt from Walker Webcast interview on March 20, 2025.

Understanding Potential Tariff Impacts

CLICK HERE to read a message from CEO Paul Thrift on how we’re evaluating current conditions, what this means for our projects, and how we’re staying grounded in our disciplined approach and long-term decision making.

STAY TUNED FOR OUR 2025 OUTLOOK.

We’ll be sharing more of our perspective in the 2025 Thompson Thrift Multifamily Market Outlook, coming soon. This annual outlook will highlight current market conditions, key trends, and what we see ahead for the multifamily sector.

Multifamily Market Trends

SHIFTING SUPPLY DYNAMICS: New multifamily construction starts in the US Top 150 markets declined in 2024, paving the way for a more favorable environment for properties entering the market in 2026, 2027, and 2028.

As supply tightens later this year and into 2026, we expect both rent and valuation growth to accelerate. Combined with the affordability gap and sustained demand for apartments, multifamily real estate remains poised for longterm stability and growth.

MULTIFAMILY UNIT STARTS VS. UNIT DELIVERIES

CONTINUED DEMAND: Annual absorption (demand) has outpaced supply in the US Top 150 markets –even amidst the highest deliveries since the mid-1970s. Q4 2024 posted the second-highest absorption in 25 years.

CLICK HERE OR SCAN for more TT Market Insights on the U.S. multifamily market.

TT Market Insights data as of March 2025

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