Thompson Thrift Acquires 29 Acres in Michigan
The firm will develop a new luxury community including 344 units.
Thompson Thrift Residential has purchased 29 acres of land in the Grand Rapids, Mich., suburb of Wyoming. Plans for the lot include the development of a 344-unit luxury community for occupancy in 2023.
Offering one-, two-, three- and four-bedroom town-style homes, The BLVD at Wilson Crossings will feature a clubhouse, pool, pickleball courts, turf lawn with fire pit and green space. Individual units will include walk-in closets and washers and dryers. Select homes will have garages and private yards.
The BLVD at Wilson Crossings is situated at the intersection of Wilson Avenue Southwest and 64th Street SW. The property is close to retail and dining options in downtown Grand Rapids as well as golf courses and parks.
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Josh Purvis, managing partner for Thompson Thrift, said in prepared remarks that the Grand Rapids market has had double-digit employment growth in the last year and dramatic increases in home values. Employers near The BLVD at Wilson Crossings include Spectrum Health, Johnson Controls, Herman Miller and Meijer Corporate.
The new property is the second Grand Rapids-area community that Thompson Thrift has developed. The firm also owns The Grove, a 320-unit luxury asset located on Killian Street, which opened to residents in fall 2021. According to Yardi Matrix data, The Grove was 78 percent leased as of August this year.
Thompson Thrift recently also acquired land in Woodbury, Minn., with plans to develop a 91-unit luxury townhome style property.