Watermark Residential, a multifamily developer and wholly owned affiliate of Thompson Thrift, has purchased 22.5 acres of land in the Huntsville suburb of Madison, Alabama to develop a Class A multifamily community located at 1150 Balch Road. The property is slated for completion in late 2021.
The development will be the company’s second multifamily community in the Huntsville area. Watermark at Bridge Street Town Centre, a 244-unit Class A multifamily community was completed in 2019 and is currently 86 percent occupied.
“The Huntsville area is experiencing tremendous population growth and demand for quality multifamily options continues to far outpace the available supply,” said Paul Thrift, president and chief executive officer of Thompson Thrift and Watermark Residential. “Huntsville is expected to soon surpass both Birmingham and Montgomery to become the largest city in Alabama. Watermark Residential will help fill the need for quality housing with our Madison development.”
Watermark’s planned multifamily community will consist of nine three-story buildings, a clubhouse, and will include a mix of one-, two- and three-bedroom units. Community amenities will include a 24-hour fitness center, a swimming pool with cabana and a dog park.
The 550-acre mixed-use Clift Farm development is immediately adjacent to the property and is within walking distance of a newly developed Publix-anchored retail center, as well as multiple dining locations.
The Huntsville project is the first of six to be funded by the Watermark 3G Development Fund II which closed in late 2019.
Since 2010 Watermark Residential has constructed 40+ communities totaling more than 11,000 multifamily apartment homes. The company focuses on developments in areas experiencing rapid job growth, increased rental demand and barriers to new supply.
Thompson Thrift is a full-service real estate company engaged in the acquisition, development, construction, leasing, and management of multifamily, mixed-use, retail, and office projects across the country.