Residential Development Profile
AN INTRODUCTION TO PARTNERSHIP OPPORTUNITIES
DRIFT
DAYTONA BEACH, FLORIDA
THOMPSON THRIFT
THE SOPHIA VENICE, FLORIDA
Committed to excellence since 1986
OFFERING QUALITY RESIDENTIAL AND COMMERCIAL REAL ESTATE ACROSS THE COUNTRY.
We firmly believe in creating opportunities, improving communities, and enhancing lives with every project we develop and build.
THE CROSSINGS LYON TOWNSHIP, MICHIGAN
A FULLY INTEGRATED PLATFORM
We execute development, construction, and property management in-house, allowing us to control the process and mitigate risk.
Thompson Thrift Residential has earned recognition as one of the nation’s top multifamily developers, focused on constructing and operating Class A apartment developments in affluent suburban markets.
Thompson Thrift Commercial develops first-class shopping centers and industrial projects, including high-energy, mixeduse projects across the country, with a strategic focus on high-growth markets in the southwest and southeast regions of the United States.
Thompson Thrift Construction has a tradition of producing award-winning buildings recognized nationwide for their superior quality. As a result, we have developed a reputation for excellence and service, with a record of delivering projects on time and within budget.
JOHN THOMPSON & PAUL THRIFT
Thompson Thrift By The Numbers
Our company track record speaks to an unwavering dedication to mission and core competencies.
650+ Team Members
$5.9 Billion
Total Development Cost
165+ Commercial Developments
4.5+ Million Commercial GLA
23,000+ Multifamily Units
22 States 85+ Residential Communities Active In
*Combined stats as of Q2 2024
Residential Development Statistics
85 Residential Developments
23,087 Units started since 2010
6
Multifamily Development Funds Raised Totaling
$1.1B
Mixed-Use Multifamily
Corporate O ces
Regional O ces
Regional Teams
Data as of 6/30/2024. Historical data is not representative of future results.
Summary of Equity Funds
Development Strategy
Strategic Expertise for Superior Outcomes
RESEARCH
Intense market research.
DEVELOPMENT
Repetition of successful real estate development model.
TEAM
Experienced developer-contractor management team.
APPROVAL
Disciplined underwriting and investment approval.
$ $ $ EFFICIENCY
Standardized design and model that creates efficiencies.
COMMUNITY MANAGEMENT
We are focused on developing Class A real estate properties based on proper fundamentals that we believe offer the opportunity for premium results.
Community Management team with strength in new property lease-ups is involved throughout the design and construction process.
Market Selection Process
We take a data-driven approach to market selection that we believe offers the opportunity to produce superior risk-adjusted returns.
■ We assess over 200 U.S. markets each year.
■ Markets are ranked on several criteria, including supply-and-demand analysis and quality-of-life indices, to identify the best growth markets for multifamily housing.
■ Our comprehensive approach is supported by an extensive network of over 1,000 real estate and land brokers.
■ This combined insight helps us pinpoint macro and submarkets that meet our high standards for expansion.
Key Market Criteria
JOB GROWTH
POPULATION GROWTH
HOUSEHOLD FORMATION
RENT GROWTH
BALANCED SUPPLY
TAYLOR FARMS CHARLOTTE, NORTH CAROLINA
Residential Fundamental Site Criteria
Disciplined by strictly adhering to fundamental site criteria on every deal.
HIGH TRAFFIC THOROUGHFARE
Exposure to major traffic counts increases walk-through traffic in a property and helps maximize lease-up.
CLOSE PROXIMITY TO JOBS
Convenience to his or her workplace is a significant factor in a resident’s decision to lease at a given location.
HIGH-END HOUSING AND GOOD SCHOOLS
Residents want to live in an area that is considered exclusive based on the presence of well-kept, high-end homes in low-crime areas with good schools.
CLOSE PROXIMITY TO HIGH-END RETAIL
Beyond adding convenience for residents, this factor represents an easily recognizable indicator of growth in a submarket. We confirm the submarket’s growth through comprehensive analysis.
COMPELLING STORY
We seek to develop sites in markets with a compelling story: high administrative or geographic barriers to entry that limit the amount of new competition or a favorable supply and demand story.
Real Estate Investment Approval Process
Our rigorous investment approval process includes meticulous research and ongoing study at the market and site level.
■ Minimum of three (3) approval meetings prior to construction loan closing.
■ Final approval requires CEO and Managing Partner site visit, market study, and shop of comparable properties.
CANTER OCALA, FLORIDA
Multifamily Development Lifecycle
A typical multifamily development follows a 36-month cycle.
PRE-DEVELOPMENT
Product Types
Select
Two-story direct access apartment homes
Three-story garden-style apartment homes
Standardized Design And Model That Creates Efficiencies And Mitigates Risk
Our three primary standardized designs provide construction efficiency, cost predictability, and an end product that has been tried and tested, winning approval of residents through many successful builds and leases.
Metro
Four-story double loaded corridor apartment homes with elevators
THE BLVD AT WILSON CROSSINGS WYOMING, MICHIGAN
AVENUE64 O’FALLON, MISSOURI
Thompson Thrift develops two additional prototypes, Villas and Townhomes (Luxe), when appropriate.
Why Residents Choose Our Communities
OUR PEOPLE
Our management teams are committed to the highest level of service for our residents, which is extensively trained, measured through surveys and reviews, and benchmarked to surpass industry standards.
RESIDENT EXPERIENCE
From the moment our residents step onto a Thompson Thrift community, they are met with details curated, especially with them in mind, from signature scents to unexpected services and events.
FEATURES & AMENITIES
Besides having outstanding locations, residents can count on resort-style amenities and the highest-quality interior finishes. Each community is thoughtfully designed to surprise guests and surpass the competition.
ALTA25 MONUMENT, COLORADO
NOTCH66 LONGMONT, COLORADO
Living the core through our mission, values, and competencies.
MISSION To positively impact our team members and the communities we serve.
CORE VALUES
Excellence. Service. Leadership.
CORE COMPETENCIES Instills Trust. Communicates Effectively. Drives Results. Displays Curiosity.
Leadership
PAUL THRIFT CHIEF EXECUTIVE OFFICER
CARRIE THRIFT LAFAY VICE PRESIDENT OF EQUITY CAPITAL MARKETS
JESSE HOUGHTALEN
SENIOR VICE PRESIDENT, DEVELOPMENT—SOUTHEAST
JOSH PURVIS MANAGING PARTNER
AIMEE O’CONNOR CHIEF OPERATING OFFICER
JESSICA TUTTLE SENIOR VICE PRESIDENT, DEVELOPMENT—WEST
DAN SINK PRESIDENT & CHIEF FINANCIAL OFFICER
BRIAN FRITTS GENERAL COUNSEL
DAVE ENGLERT VICE PRESIDENT OF INVESTMENT STRATEGY
BRIAN SOUTHWORTH SENIOR VICE PRESIDENT OF ACQUISITIONS PARTNER
GREG BUCKHOUT
SENIOR VICE PRESIDENT OF DEBT CAPITAL MARKETS
STEVE SHAVER
SENIOR VICE PRESIDENT, CONSTRUCTION AND DESIGN
Driving Results
A Real Estate Opportunity Backed by Experience
We seek to offer the highest level of Development and Community Management Expertise and Experience.
■ History of delivering for our real estate partners
■ Long track record of successful development execution
■ 38-year commitment to Excellence, Service, and Leadership
■ Proprietary market and site selection process
■ Market diversification
■ Project diversification
■ Identified pipeline of properties
ALTA25
MONUMENT, COLORADO
Historical Investment Returns—Residential Projects Sold
“Build-to-Sell” Projects Sold
NOTES
1. Historical Investment Returns reflect the returns of all multifamily residential projects developed and sold by Thompson Thrift Residential or its real estate limited partnerships and their affiliates from October 2012 through July 2024. Actual realized values of unrealized multifamily developments, as well as new projects developed by Thompson Thrift, could differ materially from the returns shown above.
2. Historic Performance is not a guarantee of future results. Each project had its own fees, expenses and distribution structure. Returns for future projects developed by Thompson Thrift will depend upon, among other factors, development and financing costs, future operating results of each project, then current market values of the projects, general economic conditions at the time of disposition, as well as selling costs, commissions, and fees.
3. Approximate Net Investor IRR and Equity Multiple are unaudited, and were calculated by Thompson Thrift Residential based on actual sale proceeds net of selling costs, commissions, fees and other expenses, after distribution of sales proceeds to real estate partners using the distribution structure in place for that project, with the following exceptions. Returns for The Wyatt, FarmHaus, The Element, The Grove, Avenue64 (sold by Watermark 3G Multifamily Development Fund II, LP) and The Crossings (sold by Watermark 2021 Multifamily Development Fund III, LP) were calculated on a hypothetical basis, as if the actual net sales proceeds had been distributed to limited partners of Fund II after applying its distribution waterfall on a property-by-property basis, instead of a partnership-level basis. The Crossings includes the project’s allocation of fund management fees and expenses. Oakbrook Townhomes sale included seller financing and returns are calculated assuming full payoff of the seller financing upon maturity.
4. This is not a solicitation or an offer to buy or sell any security or other financial instrument. This presentation is being provided to you solely for your information. Nothing herein constitutes investment, legal, accounting or tax advice. In addition, herein constitutes advice that any investment is suitable or appropriate to your individual circumstances or otherwise constitutes a personal recommendation to you. Private investments are highly speculative,
may involve a complete loss of capital, and are not suitable for all investors. Securities offered through North
Being good stewards of your investment is our top priority.
Thompson Thrift values our investment partners and appreciates the confidence they place in our team. For nearly 40 years, our track record speaks to our unshakable commitment to sound market research, conservative financial underwriting, and pursuit of meeting existing demand in the marketplace.
Learn more about partnering with us at ThompsonThrift.com/tt-partner.
UPLAND FLATS COLORADO SPRINGS, COLORADO
Disclaimer
This document does not constitute an offer to sell or a solicitation of an offer to buy any securities. This document is an outline of matters for discussion only and no representations or warranties are given or implied. This document does not contain all the information necessary to fully evaluate any transaction or investment, and you should not rely solely on the contents of this document. Any investment decision should be made based solely upon appropriate due diligence and, if applicable, upon receipt and careful review of any offering documents or prospectus. Recipients of this document should neither treat and should not rely on the contents of this document as advice relating to legal, taxation or investment matters and are advised to consult their own professional advisers.
This document may include forward-looking statements that represent the opinions, expectations, beliefs, intentions, estimates or strategies regarding the future, which may not be realized. Actual and future results and trends could differ materially from those described by such statements due to various factors, including those beyond our ability to control or predict. Given these uncertainties, you should not rely upon forward-looking statements.
Private investments are illiquid, speculative and carry the risk of complete loss. Real estate development risks include, but are not limited to, legal, contractual, and/or practical restrictions, fluctuations in rents, adverse changes in occupancy rates and operating expenses, adverse changes in interest rates, adverse changes in real estate zoning laws and land use regulations, environmental issues including discovery of hazardous waste or other unsafe conditions on such property, acts of God, adverse changes in supply and demand for housing, failure of tenants to pay rent, vandalism, adverse use of adjacent or neighboring real estate, over-supply of available residential units, reduced employment in the area of a property, and ongoing need for capital improvements.
Certain offerings so designated are offered by North Capital Private Securities, Member FINRA/SIPC.
NOTCH66
LONGMONT, COLORADO
Carrie Thrift LaFay
VICE PRESIDENT OF CAPITAL MARKETS
Thompson Thrift Development
317-454-8016
cthrift@thompsonthrift.com
Kim Kunz
SENIOR DIRECTOR, PARTNER RELATIONS
Thompson Thrift Development
317-853-5461
kkunz@thompsonthrift.com
Alvaro Sande
VICE PRESIDENT, DEVELOPMENT CAPITAL
Thompson Thrift Development
602-380-3663
asande@thompsonthrift.com
Kyle Wallace VICE PRESIDENT, DEVELOPMENT CAPITAL
Thompson Thrift Development
317-671-7240
kwallace@thompsonthrift.com
Robert Lodge VICE PRESIDENT, DEVELOPMENT CAPITAL
Thompson Thrift Development
317-671-7220
rlodge@thompsonthrift.com