SOUTH BEND, IN – Watermark Residential, a wholly-owned subsidiary of Thompson Thrift and one of the country's leading multi-family developers, announced the completed sale of The Villas on Fir, a 290-unit Class A multi-family community, Big House in South Bend-Mishawaka MSA to Gray Capital at an undisclosed price.
"The South Bend-Mishawaka area provided an opportunity to develop a quality location with world-class products in a market with limited competition for new market prices," said Brian Southworth, senior vice president, acquisition of Watermark Residential. "This combination made for a successful rental and allowed us to sell opportunistically based on capital's appetite to find new buildings."
The Villas on Fir started welcoming residents in early 2019. Located on the southwest corner of Fir Road and Indiana Toll Road, the property features the modern Big House design by Humphreys and Partners Architects. The Big House concept offers residents the luxury of a single-family home, combined with the maintenance-free lifestyle of a professionally managed multi-family community. Each of the one-, two-, and three-bedroom homes has a private front door, attached garage, walk-in balcony or porch, gourmet bar kitchens with quartz countertops and designer lighting, ten foot ceilings, and much more. In addition, residents can take advantage of community amenities such as the professionally furnished clubhouse, resort-style swimming pool, community gardens, fitness trails, dog park and dog pools, and a state-of-the-art 24-hour fitness center.
The property's strategic location, close to the area's major arteries, allows easy access to the famous Notre Dame University and numerous high quality retail and restaurants, all within five miles of the community. The Villas on Fir are also convenient for commuting as they are close to several major employers in the area including the Beacon Health System, AM General, and the St. Joseph Regional Medical Center.
"With limited land available for development and 95 percent of similar properties occupied, demand for luxury multi-family communities in the South Bend-Mishawaka area remains strong," said Josh Purvis, managing partner of Watermark Residential. "The Villas on Fir have been an unconditional success and Watermark continues to seek locations for development across the Midwest."
George Tikijian, Hannah Ott and John Baker from Cushman & Wakefield brokered the sale.
The Villas on Fir is just one of several watermark communities in the Midwest and the United States. Since 2010, Watermark Residential has built more than 50 projects totaling more than 13,000 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.