Thompson Thrift to Develop Luxury Alabama Project
This community will take shape southeast of Birmingham.
Thompson Thrift Real Estate is set to develop Rivet, a 300-unit luxury community in Chelsea, Ala., within the Birmingham, Ala., metro. First move-ins are scheduled for late 2027.
The developer is capitalizing the project with equity from its Thompson Thrift 2025 Multifamily Development LP. The limited partnership offering closed in 2025 with more than $255 million in capital commitments.
The 29-acre site is at the southeast corner of U.S. Highway 280 and Bear Creek Road. The location is along the U.S. 280 corridor, providing access to employment and educational destinations such as Grandview Medical Center, Meadow Brook Corporate Park, The University of Alabama at Birmingham and Samford University. Downtown Birmingham and its international airport are both within 20 miles of the upcoming property.
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Once delivered, Rivet will comprise one- to three-bedroom apartments. They will feature kitchens with quartz countertops and pantries, hardwood-style flooring, full-size washers and dryers, walk-in closets, balconies and patios, detached garages and private yard options. Other features include smart home technology and energy-efficient lighting.
Common-area amenities will include a heated resort-style swimming pool, a 24-hour fitness center, a social hub with billiards and shuffleboards, a conference room, focus suites, pickleball courts, grilling spaces with fire pits and outdoor seating. The future pet-friendly community will also have a dog park and a pet spa.
Thompson Thrift advances Southeast pipeline
Thompson Thrift is marking its 40th anniversary this year. Founded in 1986, the company has developed more than 100 multifamily communities totaling north of 27,700 units across 24 states, investing roughly $70 billion.
The firm’s pipeline currently includes several new projects in the Southeast, particularly in Georgia, Florida and Tennessee. Last month, the company started construction on The Foundry at Mosaic, a 300-unit luxury community in Pooler, Ga. Thompson Thrift’s second development in the Savannah Quarters neighborhood is scheduled to reach completion next year.
The company is also developing Lineage, a 300-unit property in Dacula, Ga. The first units at the Atlanta-area property are expected to come online in 2028.
