Thompson Thrift Closes LP Offering With $255M

Thompson Thrift has closed on the Thompson Thrift 2025 Multifamily Development, L.P., a limited partnership offering that raised more than $255 million in total capital commitments.

The effort surpassed the company’s goal of $230 million. The funds will be used to develop a portfolio of geographically diverse, Class A communities.

“Our team is proud of the success of our 2025 Multifamily Development L.P., which highlights Thompson Thrift’s ability to strategically align capital with opportunities that bring high-quality housing to growing markets,” Carrie Thrift LaFay, vice president of capital markets, Thompson Thrift, told Multi-Housing News. “This offering demonstrates our partners’ confidence in our approach and reinforces our commitment to delivering exceptional communities while generating successful results for our partners.”

Florida, Georgia, Colorado, Kansas and Indiana have identified development sites for the 2025 L.P. In February 2025, construction began on the first development—Velara in Ponte Vedra Beach, Fla., near Jacksonville.

This marks Thompson Thrift’s seventh multi-project development fund. The firm started its multifamily business in 2008 and has since raised over $1.6 billion from equity partners. It has 90 communities in suburban locations in 23 states.

Multifamily fundraising abounds

This is one of several multifamily investment funds to close recently.

Last week, Hillpointe LLC raised $750 million for its Hillpointe Workforce Housing Partnership V, L.P., geared to the development of market-rate workforce housing in the Sun Belt. The closing marks the company’s largest fund and will support the development of some 30 projects.

Fairfield also recently closed a $1.47 billion value-add vehicle. This fund exceeded its initial goal of $1 billion and will target multifamily assets in over 30 major metropolitan areas across the United States.

Also, Wingspan Development Group successfully closed its $16 million WDG GP Fund II in November—its second fund since 2021. This one is nearly 40 percent larger than the WDG GP Fund I. Proceeds will be used to grow its multifamily portfolio with developments in Florida, Illinois and Wisconsin.

Additionally, in the first quarter of the year in the build-to-rent sector, NexMetro Communities completed an approximately $47 million fundraise for NexMetro Direct Access Fund 2024. The fund provides direct access to the equity financing of four Avilla Homes BTR communities: one in Arizona, two in Georgia, and one in Florida.

“These significant fundraises highlight the ongoing investor confidence in the multifamily sector despite broader market uncertainties,” Yardi Matrix Business Manager Doug Ressler told MHN.