Thompson Thrift Pockets $64M for Suburban Houston Community
The 336-unit property is situated in one of the area’s top-performing housing submarkets.
In a $64 million deal, Thompson Thrift Residential has sold Magnolia, a 336-unit luxury community in Spring, Texas, a Houston suburb. TTI Capital acquired the property, which is subject to a $48 million loan funded by Torchlight Investors, according to Yardi Matrix data.
Completed in 2020, on a 15.5-acre site, the community comprises 10 buildings with one-, two- and three-bedroom apartments, ranging from 682 to 1,360 square feet. Units feature recycled glass countertops, stainless steel appliances and in-unit washers and dryers. Common-area amenities include a fitness center, cabanas, a game room, a bark park, as well as a pool and spa.
Located at 7203 N. Grand Parkway W., Magnolia is within half a mile of Grand Parkway Marketplace, offering residents convenient access to a variety of shopping and dining options. Geronimo Adventure Park and TGR Exotics Wildlife Park are within 2 miles of the property. Highway 99 is north of Magnolia, connecting it to Interstate 45 and Houston.
Due to a steady growth in housing values in recent years, Spring remains one of Houston’s top-performing suburban markets, Josh Purvis, managing partner for Thompson Thrift Residential, said in a prepared statement. Currently, there are two properties under construction in the area, totaling 660 units, according to Yardi Matrix data.
Thompson Thrift Residential continues to expand its footprint. The company’s portfolio includes 34 properties and roughly 9,600 units across 20 markets, according to Yardi Matrix. Recently, Thompson Thrift Residential broke ground on Notch66, a 336-unit community in Longmont, Colo.