Watermark Residential, the Indianapolis-based apartment arm of developer Thompson Thrift, has raised $105 million for building six high-end multifamily projects in five states.
Watermark announced Monday that it had raised its $105 million equity limit from investors in a development fund created in partnership with 3G Capital Advisors LLC, based in Irvine, California.
The projects are slated for high-growth areas in Alabama, Arizona, Colorado, Michigan and Missouri.
“We appreciate the support and confidence our investment partners have placed in us,” said Paul Thrift, CEO of Thompson Thrift and Watermark Residential. “Our success in this equity raise is a testament to the strength or our entire team and a long track record of delivering high quality projects that result in impressive returns to our investors.”
Since 2010, Watermark Residential has constructed more than 40 projects consisting of more than 11,000 multifamily apartment units across 11 states.
Its current projects include The Mark, a mixed-use development with 252 apartments and an interior, three-story parking garage at Thompson Thrift’s Fishers District project at the southeast corner of 116th Street and IKEA Way.