Thompson Thrift Development Launches Multifamily Co. to Capitalize on Growing Demand for Rentals
- Jun 13, 2008
By Anuradha Kher, Online News EditorCarmel, Ind.–Thompson Thrift Development Inc. has launched a new company called Watermark Residential, which will be based in Carmel, Ind. and will focus on development, management and sales of multifamily developments throughout the Midwest and Southeast. John S. Sebree, who served as the senior investment associate and director of the National Multi Housing Group of Marcus & Millichap, will lead Watermark Residential as the company’s managing partner. Sebree worked at Marcus & Millichap for 17 years, beginning in their Chicago office and then opening the Indianapolis office in 1997. He left Marcus & Millichap to co-found the Watermark Group with two partners from Thompson Thrift.“The multifamily industry over the next four to five years should be the strongest asset class of all residential types,” Sebree tells MHN. “There will be continued increase in rent and occupancy rates, partly due to the single-family crises, partly due to increasing population and partly due to the fact that multifamily construction in recent years has not kept up with this increase.”Sebree believes the multifamily industry will experience upward pressure on occupancy and rental rates and these market forces will generate increased demand for new rental product. “I believe my investment analysis and brokerage experience combined with Thompson Thrift’s development and construction track record creates the perfect team to capitalize on these developing changes,” says Sebree.Watermark will pursue sites across the Midwest and Southeast large enough to accommodate apartment properties ranging from 210 to 300 units with the goal to develop, manage and sell the stabilized assets. Watermark’s short-term focus is on locating and controlling land for development.