KANSAS CITY, MO – Watermark Residential, a wholly owned subsidiary of Thompson Thrift and a leading multi-family developer in the country announced the completed sale of Watermark in Tiffany Springs, a Class A multi-family community of 276 units in the United States Kansas City Suburb of Northland for $ 60 million. The buyer was a company owned by A&C Ventures, Inc. (ACV), a private investment firm based in Sonoma, Calif.
"We were able to build the Watermark at Tiffany Springs on budget, stabilize occupancy, and sell this community for attractive returns in just 36 months," he 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."
The Watermark in Tiffany Springs is located at 9641 North Ambassador Drive and has one, two, and three bedroom homes, including oversized windows, plank floors, washers and dryers, granite countertops, stainless steel appliances, and private patios or balconies. Communal facilities include a resort-style pool with loungers in the water, a fully equipped clubhouse, an outdoor fire pit, gas BBQ stations, a dog park, and a 24-hour fitness center.
The property is strategically located near major roads off I-29 and Highway 152, with easy access to a variety of dining, entertainment and shopping options including Tiffany Springs Market Center and Zona Rosa Town Center. Major employers such as Cerner, a leading provider of health information technology, and the University of Missouri-Kansas Cityare only a short drive away.
The Tiffany Springs watermark is one of two watermarks in the Kansas City Area and one in four in the state Missouri. Since 2010, Watermark Residential has completed more than 50 projects totaling more than 14,000 apartment buildings. The company has consistently focused on developments in areas where there is rapid employment growth, increased rental demand and barriers to new supply.
Mac Crowther and Whittaker Potts with Newmark represented Watermark in the sale.