JACKSONVILLE, FL – Thompson Thrift, a full-service nationally recognized real estate company and one of the nation’s leading multifamily developers, announced the development of Terrassa, a 324-unit Class A multifamily community located in the growing market of St. Augustine in St. Johns County. The company expects to start construction in July, with completion expected in fall 2026.
“St. Johns County is one of the most desirable counties to live in Florida, and is renowned for its brilliant schools, strong income levels and impressive home values,” said Josh Purvis, managing partner for Thompson Thrift Residential. “Securing approval for new developments is becoming increasingly challenging, but our team’s proven track record and commitment to excellence have allowed us to secure a prime spot in this highly desirable county.”
Terrassa is part of the redevelopment of the former St. Augustine Outlets property off I-95 and will provide 324 one-, two- and three-bedroom apartment homes offering up to nearly 1,400 square feet of living space. Residents will have convenient access to the area’s pristine beaches as well as a variety of local entertainment, shopping and dining options.
Like all Thompson Thrift communities, Terrassa will feature superior, in-demand amenities that demonstrate the company’s dedication to quality. Kitchens will include stainless steel appliances, a smooth glass-top range, side-by-side refrigerator, tile backsplashes, a pantry and hardwood-style flooring. Large walk-in closets, bathrooms with a walk-in shower, detached garages, a full-size washer and dryer and private patio, balcony or yard options add to the list of features.
Additionally, certain upgraded homes will feature accent-colored island cabinetry, premium quartz countertops, a dry bar, under-cabinet lighting and deluxe closet systems with shelving.
High-speed internet access will ensure seamless connectivity for residents while energy-efficient LED lighting and a smart thermostat will help residents save on energy costs. Smart light switches and door locks will provide convenience with an Alexa-compatible smart hub to easily control the devices.
Community amenities will include a 24-hour fully equipped fitness center, a resort-style swimming pool, courtyards, community grilling areas, a pickleball court, an on-site dog park and pet spa with a grooming station. The 24-hour social hub will feature billiards, a coffee bar, private focus rooms and work area with a printing station.
St. Augustine is the oldest city in the United States and maintains a strong Mediterranean architectural influence. The name Terrassa comes from a city in Spain, and Thompson Thrift has taken care to incorporate Mediterranean accents in its design to further connect with the community.
Brian Timberman, president of Thompson Thrift Construction, added, “We are excited to break ground on another Thompson Thrift community, and our construction team looks forward to seeing this project through to on time completion.”
St. Johns County is the wealthiest county in Florida and one of the fastest-growing counties both in Florida and the United States. The county’s population grew 40% during the past decade and is expected to add 100,000 residents by 2030. The Terrassa site is located in a very high-growth pocket of the county and will offer simple access to major employers such as Bank of America/Merrill Lynch, Saddle Creek Logistics, the St. Johns County School District, Citi and Florida Blue.

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CHARLOTTE, NC – Rise48 Equity, a leading multifamily investment group, announced their recent acquisitions of W Flats Apartments (247 units) and Matthews Pointe Apartments (100 units) in Charlotte, NC. Both properties will be rebranded to “Rise Blue Ridge” and “Rise Matthews Pointe,” respectively and are located in premium submarkets within the Charlotte MSA.
These acquisitions mark a significant milestone as the company’s 52nd and 53rd acquisitions since 2019 and its first two deals in the Charlotte MSA, expanding their footprint to the East Coast.
Rise48 Equity has plans to revitalize W Flats Apartments and Matthews Pointe Apartments with an investment of over $7 million. Property renovations at both properties will include: Platinum-level interior upgrades: New white cabinet boxes with shaker doors, quartz countertops, subway style kitchen backsplash, plumbing fixtures, stainless steel appliances, vinyl plank flooring, and updated lighting. Transformative exterior: Fresh 3-tone paint, a new LED-backlit monument sign, and improved marketing banners.
Rise48 Equity CEO and Co-Founder, Zach Haptonstall, said “We’re excited to have entered the North Carolina market with these two new acquisitions. North Carolina has been a market that we’ve been targeting for a while due to its strong fundamentals of population growth, job growth, and strong median income relative to the affordable rents. We have strong local staff and the foundation to scale in the market for years to come. Thank you to all of our investors for partnering with us on these two fantastic opportunities. Our Charlotte team has already started on the business plans for these two assets.”

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HOLLY SPRINGS, NC – Vista Residential Partners, a national multifamily development firm, has broken ground on 11.7 acres on the corner of N. Main Street and Holly Springs Road in Holly Springs, NC, for the development of Main Street Vista, a 277-unit mixed use community.
Located in the heart of Holly Springs, Main Street Vista is a mixed-use development with +/- 19,000 SF of vertically integrated retail space and 11,000 SF of live-work space that will be within walking distance of downtown Holly Springs.
Main Street Vista is conveniently located minutes from soon to be completed I-540 extension providing access to various job centers throughout the metro. Additionally, minutes from this site is the Holly Springs Bio-Tech Corridor which has seen recent investment to the tune of $4B and the creation of over 2,300 jobs. FujiFilm is currently under construction with the first phase of their $2B biotech campus which will be delivering within the year. Other notable names in this corridor include Catalyst, BioCampus, Amgen and Seqirus.
“We are incredibly excited to start construction on this landmark development in Holly Springs,” says Alex Barroso, Managing Director and Regional Partner for Vista Residential Partners. “Vista is dedicated to establishing our portfolio across the Carolinas and I cannot reckon of a better way to make our introduction than with this unmatched mixed-use development.”
Located less than 1 mile from the project is the newly opened UNC Rex Holly Springs Hospital which is home to 50 new beds and 450 employees.
The community will offer a mix of one-, two-, and three-bedroom apartment homes averaging nearly 1,050 square feet. Select units will also have a ground floor office space available for lease to prospective tenants who desire to work from home. Designed by architect Niles Bolton, the garden-style apartments will feature elevator served conditioned corridors, stainless steel appliances, 9-foot ceilings, quartz countertops, vinyl plank flooring, in-unit washers and dryers, and spacious balconies. Main Street Vista will also feature a luxury clubhouse, resort-style swimming pool, fitness center, a large central green area and pet park, 24/7 package concierge, and more.
“Alongside our institutional capital partners, Vista is excited to deliver this high-quality, mixed-use development in Holly Springs, NC,” says Scott Hartley, Chief Investment Officer at Vista Residential Partners. “Main Street Vista’s end-quality and amenity-set will set a new standard for living in the area.”

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