INDIANAPOLIS, IN – Watermark Residential, a wholly owned affiliate of Thompson Thrift and one of the nation’s leading multifamily developers, announced the closing of Watermark 3G Multifamily Development Fund II, which successfully met its $105 million funding limit. The fund is a joint venture between Watermark Residential and Irvine, Calif.-based 3G Capital Advisors LLC.
“We appreciate the support and confidence our investment partners have placed in us,” said Paul Thrift, president and chief executive officer 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. In just over four months, we secured commitments that met our goal of $105 million that will fund the required equity for six of our plotted 2020 multifamily development projects.”
Christopher Hilbert, chief executive officer of 3G Capital Advisors, added, “Completing our equity raise so quickly is a testament to Watermark’s well-deserved reputation for developing high-quality apartment communities.”
Watermark will close on the first of six projects in Huntsville, Ala., later this month. The other five Class A multifamily communities included in the fund are located in Arizona, Colorado, Michigan and Missouri and are slated to close by year end 2020.
“We are excited to get to work on bringing these communities to market,” added Carrie Thrift LaFay, vice president of corporate development. “Each of these plotted developments are strategically located in high growth markets where demand for quality multifamily homes far exceed the supply.”
Since 2010, Watermark Residential has constructed more than 40 projects totaling in excess of 11,000 multifamily apartment homes. The company has consistently focused on developments in areas experiencing rapid job growth, increased rental demand and barriers to new supply.

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FORT WORTH, TX – Embrey Partners will start construction this month on The Elm at River Park, its newest multifamily project in Fort Worth, Texas.
Embrey closed in late December on its buy of the site, which is adjacent to The Shops at Clearfork on River Park Drive near the Trinity River Trails River Park Trailhead and Waterside. The 293-unit property, with an urban contemporary farmhouse design, is just a 10-minute drive southwest from downtown Fort Worth.
“The opportunity to develop this project in such a desirable area with fantastic access to the Chisolm Trail Parkway and nearby amenities such as premier shopping is exciting for Embrey,” said John Kirk, Managing Director & Executive Vice President for Development. “Our reputation is for developing places where people want to be and residents will have simple access and walkability to a movie theater, retail shopping like Nordstrom, dining like Mutt’s Cantina, and Whole Foods grocery. It’s just a small walk to recreational opportunities along the Clear Fork Trinity River and the connecting trails.”
The multifamily community will offer a mix of one-, two- and three-bedrooms with structured parking. There is a rich mix of amenities for residents including a resort-style pool, a state-of-the-art fitness center, a dog park, and bike storage.
First occupancy for residents is plotted for the summer of 2021.

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SEATTLE, WA – Plymouth Housing celebrated the groundbreaking of an affordable housing development in downtown to deliver 91 permanent housing apartments for adults who have previously experienced homelessness. The nonprofit housing developer was the recipient of low income tax credits early last year as part of an expansion to the Affordable Housing Tax Credit program championed by Sen. Maria Cantwell and Rep. Suzan DelBene.
“Congratulations to Plymouth Housing on breaking ground on this new project to provide 91 new units of permanent, affordable housing for formerly homeless people in Seattle,” said Cantwell. “This project and so many others throughout our state demonstrate the power of the Affordable Housing Tax Credit to help our communities provide resources to help people in our state and across the country.”
Plymouth Housing CEO Paul Lambros remarked, “The realization of the 2nd & Mercer site is a tremendous success tale in the struggle against homelessness—it will provide permanent housing for adults, including veterans, who are recovering from life on the streets and make a new arts space in the Seattle Center neighborhood. Even more so, it demonstrates that coordinated efforts at the local, regional and national level matched with commitment from the community brings real results: homes for those without.”
The City of Seattle is also providing major funding for the project. The city’s Office of Housing and Office of Arts and Culture made a first-time joint investment in an affordable housing and arts space. The 2nd & Mercer project features a ground-floor space for Path with Art, a local organization that utilizes art as a means to help people recovering from homelessness, addiction or other trauma. In addition to operating out of this new building, Path with Art will offer classes and community arts space.
The 2nd & Mercer site is the second of eight new buildings plotted by the nonprofit housing developer to meet the need for housing for those experiencing chronic homelessness in King County. Slated to open in 2021, the groundbreaking represents a major milestone in the PROOF Capital Campaign launched by Plymouth Housing in June 2019.

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