Thompson Thrift Sells Des Moines Community

Watermark at Jordan Creek. Courtesy of Thompson Thrift

Thompson Thrift has offloaded its only residential property in Iowa with the sale of Watermark at Jordan Creek. The 176-unit Des Moines property was purchased by an undisclosed buyer.

The community, which is 94 percent occupied, was completed in 2015 and offers one-, two- and three-bedroom apartments ranging from 663 square feet to 1,434 square feet. The units include granite countertops, energy-efficient appliances and full-size washers and dryers. Community amenities include a heated pool and spa, a dog park and community grilling areas.

Located at 6455 Galleria Drive, residents of Watermark at Jordan Creek have easy access to Interstate 35, which connects to I-80 and I-235. The community is also located near several grocery options including Costco, Trader Joe’s, Walmart and Target.

Exiting Iowa

The property was Thompson Thrift’s last residential asset in the state of Iowa. The company’s other Midwestern assets include The Meridian at CityPlace, a 91-unit community located in Woodbury, Minn., a suburb of St. Paul, Minn., and a 300-unit property in Raymore, Mo., outside of Kansas City, Mo. Both projects are under construction. Thompson Thrift also owns a recently completed 316-unit property in O’Fallon, Mo., near St. Louis.

Thompson Thrift’s residential portfolio spans 21 states and totals more than 18,000 units, with the company planning to continue expanding its multifamily business. The firm was off to a busy start in 2023, with the January announcement of plans for a 336-unit community in Greeley, Colo., and a 252-unit community in Buckeye, Ariz. Both projects began construction in January and are expecting their first move-ins in late 2024.