Watermark 3G Multifamily Development Fund II, a private equity fund sponsored by Watermark Residential and boutique real estate advisory firm 3G Capital Advisors LLC, has closed after reaching its $105 million funding limit in four months. Watermark Residential is a multifamily developer and affiliate of Thompson Thrift, a full-service real estate company.
The proceeds will be used to develop six multifamily projects this year, and Watermark plans to close on the first project located in Huntsville, Alabama later this month. The other five Class A multifamily communities, located in Arizona, Colorado, Michigan and Missouri, are slated to close by year-end 2020.
“We are excited to get to work on bringing these communities to market,” said Carrie Thrift LaFay, vice president of corporate development. “Each of these planned developments are strategically located in high growth markets where demand for quality multifamily homes far exceed the supply.”
Watermark Residential is a wholly owned affiliate of Thompson Thrift that develops, constructs, and manages upscale multifamily communities. Since 2010, the firm has constructed more than 40 projects totaling in excess of 11,000 apartment units in 11 states and focuses on developments in areas experiencing rapid job growth, increased rental demand and barriers to new supply.