CHARLOTTE, NC – Watermark Residential, a wholly owned affiliate of Thompson Thrift and one of the nation’s leading multifamily developers, announced the acquisition of 15.9 acres of land in Charlotte for the development of Taylor Farms by Watermark, a resort-style apartment community which will include eight three-tale, garden style structures with wood frame construction and sixty-four detached garages. Construction will start in March 2021 and is scheduled to be complete in February 2023.
“Watermark Residential is very excited to start construction on our first property in the Carolinas,” said Tyler Sauerteig, director of land acquisitions, southeast for Watermark Residential. “The Charlotte market has seen consistently compelling job and population growth, making it one of the strongest multifamily markets in the country. Steady rent growth and tight market occupancy indicate a continued demand for apartment communities, such as Taylor Farms by Watermark. We look forward to bringing Watermark quality and luxury to the Charlotte area.”
Located just off of I-485 and Mallard Creek Road in the University City submarket, Taylor Farms by Watermark will include 276 one-, two- and three-bedroom apartment homes with an average size of nearly 1,000 square feet. Every home at Taylor Farms will contain Watermark’s class A premium finishes, including gourmet bar-kitchens with quartz countertops, stainless-steel appliances, smooth glass cooktop stoves, walk-in closets and full-size washers and dryers.
Additionally, the community will feature resort-style amenities, like a professionally designed clubhouse with TVs, conference rooms, technology centers and more; a 24-hour fitness center with state-of-the-art equipment and Fitness On DemandTM virtual training kiosks and spinning rooms; a swimming pool with cabanas and entertainment areas and pet-friendly bark parks and doggie spas. An on-site management team dedicated to the highest-level of service for residents will also be available.
With its convenient location near the I-485/I-85 interchange, Taylor Farms by Watermark offers simple access to over 3,000 northeast corridor businesses and is only 20 minutes from Uptown Charlotte. The well loved PNC Music Pavilion and the word-well-known Charlotte Motor Speedway are both a mere eight-minute drive away. Wells Fargo’s Customer Information Center, a 150-acre campus that employs over 10,000 people, is just five miles south, while other major employers, including Atrium Health, UNC Charlotte and IBM, are less than a 15-minute drive. Numerous high-end retail options, such as the 200 shops of Concord Mills, are also nearby.
“With immediate access to I-485 – which comes at a premium in the northern suburban Charlotte market – and a quick commute time to a plethora of retail and large employment centers, Taylor Farms by Watermark is well positioned for success,” said Josh Purvis, managing partner for Watermark Residential.
The greater Charlotte MSA is home to 2.6 million residents and expected to grow to 2.85 million by 2025, making it the third-fastest growing huge city in the country. Charlotte is also home to 16 Fortune 1000 headquarters, with Centene, a Fortune 500 health insurance company developing a new 80-acre campus in University City. Job growth in the MSA averaged 2.66 percent from 2015 through 2019, greatly outpacing the U.S. average during the same time period. With the University City submarket seeing 5.5 percent year-over-year rent growth, and Charlotte expected to need a 38 percent increase in apartment inventory by 2030, Taylor Farms by Watermark will appeal to both area residents and investors for many years to come.

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GULFPORT, MS – The redevelopment of North Park Estates, a proposed 80-unit affordable housing development community serving individuals and families at or below 60 percent average median income, in Gulfport, Mississippi, broke ground Thursday. The project was funded, in part, via a $500,000 Affordable Housing Program (AHP) grant from The Peoples Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) in 2017.
The grant was awarded to the Gulf Coast Housing Partnership (GCHP) for construction of the affordable housing development. South Mississippi Housing and Development Corp. (SMHD) partnered with GCHP to redevelop the housing community.
The 160-unit North Park Estates was built in 1959 as the former L.C. Jones public housing complex for the Mississippi Regional Housing Authority No. VIII (MRHA VIII). The site was transferred from MRHA VIII to SMHD in January 2008 to be operated as an affordable housing community known as North Park Estates.
Construction is expected to be complete in summer of 2021. Phase one of the project will involve the demolition of 92 units, an office and maintenance room. Of those 92 units, only 31 were habitable. Constructed in its place will be 80 new units to serve families.
We are so thankful for The Peoples Bank and the Federal Home Loan Bank of Dallas for their generosity, said Kathy Laborde, president and CEO at GCHP. The Affordable Housing Program funds allow GCHP to continue our mission of providing quality affordable housing to residents along the Gulf Coast.
Evelyn Herrington, senior vice president at The Peoples Bank, said the AHP is possible through FHLB Dallas partnership.
Our partnership with FHLB Dallas is what enables us to serve and benefit communities through the Affordable Housing Program, Ms. Herrington said. The Peoples Bank is honored to step in and provide additional resources for GCHP to start the work on North Park Estates.
AHP funds are intended to help FHLB Dallas members in financing the buy, construction and/or rehabilitation of owner-occupied, rental or transitional housing, as well as housing for homeless individuals in their community. AHP funds must be used to benefit households with incomes at or below 80 percent of the median income for the area.
For 2019, FHLB Dallas awarded $17 million in grants to 35 affordable housing projects. The grants will help make 2,122 new or rehabilitated housing units. Included in that total, are $4.6 million in grants for 466 units of housing in the state of Mississippi. Since the AHP s inception in 1990, FHLB Dallas has awarded more than $300 million in AHP and AHP set-aside programs and has helped more than 53,500 households.
The Affordable Housing Program is a fantastic tool for organizations such as GCHP to come to fruition and we are honored to work with The Peoples Bank to improve the Gulfport community, said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. We are excited to see the impact this project will have in the coming years.

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COLLEGE PARK, MD – Gilbane Development Company has broken ground at Tempo, a 978-bed housing community geared toward students at The University of Maryland ( UMD ) in College Park.
The 8-tale student community will include 296 units / 978 beds and 300 indoor parking spaces. The 2.05-acre site, located at 8430 Baltimore Avenue, is a small walk from campus, less than 0.1 mile from the campus edge and within a 5 minute walk from the School of Engineering, College of Computer, Math & Natural Sciences, and College of Information Studies serving over 42% of UMD s undergraduate population. There is also a dedicated ride share pick-up and drop-off space located on-site adjacent to a covered pocket park which, in addition to public bikes and scooter parking stalls, offers an unparalleled transportation solution.
Tempo will be the first student community in College Park to offer five-bedroom units down to studios, will be fully furnished, and will offer private bedrooms with keyed entry and en suite bathrooms, in-unit washer/dryers, walk-in closets (in select units), stainless steel appliances, granite counters, high-speed internet (wired and wireless), and flat-screen TV. Leasing is by the bed, and Tempo will be professionally managed, with a diverse offering of activities to promote physical and mental fitness and wellness and a strong sense of community among students.
We are thrilled to bring this exciting new student community to College Park and The University of Maryland, noted Gilbane Development Company senior vice president Russell Broderick. The outstanding, walkable location combined with unrivaled amenities and unit design will provide UMD students with a truly superior community in which to live, learn, and thrive. We are proud to invest in the College Park and Prince George s County community with Tempo and our additional local projects, which currently total more than $350 million in development.
Tempo is scheduled to open for student occupancy in August 2022 and will have a leasing office located at 7418 Baltimore Avenue opening during the summer of 2021.

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