Thompson Thrift is looking to expand its footprint around the Tampa, Fla., metro which is expected to see more growth in the coming years. Thompson Thrift Residential, an affiliate of Thompson Thrift, started construction on Palm Grove Luxury Apartment Homes in Ellenton, Fla., alongside its joint venture partner Altura Capital. The community is expected to welcome its first residents starting the second quarter of 2023.
The luxury community will have its 320 units spread across two-story buildings with detached garages in one-, two- and three-bedroom floorplans that average 1,100 square feet. Thompson Thrift will be building these units with large walk-in closets and full-size washers and dryers, while the community will have a clubhouse, fitness center, dog park, community-wide WiFi and swimming pools. Palm Grove will also be within walking distance to Ellenton Premium Outlets and its 116 shops and restaurants.
Josh Purvis, managing partner for Thompson Thrift Residential, said in prepared remarks that there was strong demand for luxury rental communities and significant market growth in the area. The community’s location in Ellenton also puts it in between nearby major cities including Tampa, St. Petersburg and Sarasota.
DEMAND FOR RENTALS IN FLORIDA
Brian Southworth, partner & senior vice president of acquisitions at Thompson Thrift Residential, said in prepared remarks that this area has seen some of its fastest community growth in recent years and that its employment growth is expected to outpace the national average for the next six years. He added in his prepared statement that Palm Grove would provide a quality rental option as an alternative to for-sale homes whose values have increased 14 percent over the past year.
When completed, Palm Grove will be Thompson Thrift Residential’s eighth multifamily community developed in Florida. The company is also working on a 244-unit build-for-rent community in Venice, Fla., called The Sophia. Another Thompson Thrift affiliate, Watermark Residential, recently acquired the 17.5 acres for another build-for-rent community in Port St. Lucie, Fla. The 214-unit community is expected to be completed in December.