KANSAS CITY, MO – Thompson Thrift's wholly owned subsidiary, Watermark Residential, has sold its 276-unit Class A multi-family community, Watermark, in Tiffany Springs, Northland, MO. A&C Ventures Inc., a company controlled by the California-based private investment firm, purchased the property for $ 60 million.
Located in the suburb of Kansas City at 9641 N. Ambassador Dr., the Watermark at Tiffany Springs offers community amenities including a resort style pool, fully equipped clubhouse, 24 hour fitness center, outdoor fire pit, gas grills and a dog park.
The property's one-, two-, and three-bedroom apartments have a washer and dryer, granite countertops, stainless steel appliances, plank-style floors, and private balconies or patios.
"In just 36 months we were able to build Watermark in Tiffany Springs on budget, stabilize occupancy and sell this community for attractive returns," said Josh Purvis, Managing Partner of Watermark Residential. "Even in the current environment, Watermark has stabilized at Tiffany Springs, confirming Watermark's ability to deliver coveted communities based on style, comfort, location and luxury."
Located near Interstate 29 and Highway 152, the Watermark at Tiffany Springs is one of two Watermark Residential properties in the Kansas City area and one of four properties in Missouri.
Watermark Residential has completed more than 50 projects since 2010, totaling more than 14,000 apartment buildings.
Mac Crowther and Whittaker Potts of Newmark represented Watermark Residential on the transaction.