Watermark Residential Sells Kansas City Asset for $60M
The affiliate of Thompson Thrift completed the 276-unit luxury community in Northland last year.
Watermark Residential, a wholly owned affiliate of Thompson Thrift, has sold Watermark at Tiffany Springs, a 276-unit luxury community in the Kansas City suburb of Northland. An entity affiliated with A&C Ventures Inc. paid $60 million for the Class A property. Newmark assisted the seller in the disposition.
Opened in 2019, Watermark at Tiffany Springs occupies more than 17 acres at 9641 N. Ambassador Drive. The community comprises 26 two-story buildings with one- to three-bedroom apartments ranging from 772 to 1,676 square feet. Amenities include a swimming pool, clubhouse, outdoor firepit area, gas grilling stations, dog park and fitness center.
Watermark at Tiffany Springs is 16 miles northeast of downtown Kansas City just east of Interstate 29. Many dining, entertainment and shopping options are nearby, including Tiffany Springs Market Center and Zona Rosa Town Center. The property is also 3 miles north of another Watermark development, a 276-unit community slated for a November 2021 completion.
Newmark’s Mac Crowther and Whittaker Potts negotiated the sale on behalf of Watermark.