Watermark Residential Expands Florida Holdings
The company has acquired 17.5 acres for an upcoming built-for-rent community in Port St. Lucie.
The Boardwalk at Tradition. Rendering courtesy of Thompson Thrift
Watermark Residential, an affiliate of Thompson Thrift, has acquired 17.5 acres of land in Port St. Lucie, Fla. The site will be used for the construction of Boardwalk at Tradition, a luxury community comprising 214 one- and two-story paired villa-style homes. The project is expected to reach completion in December 2022.
Located at the southeast corner of SW Stockton Place and SW Community Boulevard, the community will offer a combination of one- to three-bedroom units averaging 1,100 square feet. Amenities at Boardwalk at Tradition will include a pool, clubhouse, pickleball court, fire pits, outdoor kitchens, several dog parks and a 24-hour fitness center.
Boardwalk at Tradition is Watermark’s second multifamily community in the area. The property is a five-minute drive from the Cleveland Clinic Tradition Hospital. In addition, the asset is situated a mile west of Interstate 95, which offers access to the West Palm Beach business centers and to northern cities such as Orlando and Jacksonville.
Research Coast
The region surrounding Port St. Lucie, dubbed the Research Coast, is becoming known for innovation within life sciences, agriculture, marine sciences, oceanography and aerospace. According to a press statement, $365 million was invested in new development at the 8,200-acre master-planned Tradition community, in a project that is expected to create more than 3,000 jobs.
Sales Activity
Watermark has had a busy 2020 in terms of transactions. Shortly after breaking ground on a 324-unit Class A community in Huntsville, Ala., in February, the company acquired 23 acres of land in Kansas City, Mo., for a luxury garden-style development.
A few months later, Watermark expanded its portfolio with a 10-acre site near Phoenix and another 17 acres in Panama City Beach, Fla. Both sites will see the development of multifamily communities meant to alleviate the housing shortage in those areas.
In October, the company made another land acquisition, this time encompassing nearly 21 acres in Colorado Springs, Colo., for its second multifamily development in the city.
And at the end of the year, Watermark sold Watermark at Tiffany Springs, a 276-unit high-end community in the Kansas City suburb of Northland, for $60 million.
