Thompson Thrift Residential Sells Luxury Multifamily Community Near Houston

Thompson Thrift Residential, a wholly owned affiliate of Indianapolis-based Thompson Thrift, announced the sale of Magnolia, a 336-unit Class A multifamily community located in the Houston suburb of Spring. A private real estate investment firm purchased the community for an undisclosed amount.

“Houston’s housing values have seen healthy growth in recent years and Spring is one of its top-performing suburban housing markets,” said Josh Purvis, managing partner for Thompson Thrift Residential. “This growth, combined with the first-class quality, style and convenience that are hallmarks of Thompson Thrift communities, has made Magnolia a very appealing community for our residents. We are pleased to make a strategic sale that benefits all parties involved.”

Located at 7203 North Grand Parkway West, the 15.5-acre community features one-, two- and three-bedroom apartment homes. David Mitchell with Newmark’s Multifamily Capital Markets brokered the sale for Thompson Thrift.