Thompson Thrift Residential has revealed plans to develop Drift, a 300-unit luxury community in Daytona Beach, Fla. The firm plans to deliver the property by the summer of 2023.
Thompson Thrift will develop the community through its $253 million multifamily fund closed in January, Multi-Housing News reported. This is the company’s fourth multifamily fund, and it plans to use it to construct 10 luxury properties in growing suburban markets across the U.S.
The development will occupy 29.5 acres, just off Williamson Boulevard, close to the southwest corner of Interstate 95 and Granada Boulevard. The three-story garden-style buildings will encompass one-, two- and three-bedroom units, averaging 1,000 square feet. Property amenities will include a clubhouse, a 24-hour fitness center, a swimming pool, a dog park, and community gardens.
Luxury Trends in Secondary Markets
While the multifamily sector remained resilient during the pandemic, upscale properties in major metropolitan areas keenly felt the impact of the health crisis, as residents left expensive urban settings for the suburbs or smaller, less densely populated cities. While secondary markets are not traditionally large luxury markets, a shift in demographic trends and remote work culture will likely support the development of Class A properties in smaller metros and suburban areas across the country.
Nationwide, asking rents increased by 0.8% for luxury communities month-over-month in April, slightly below the 1% uptick recorded in the renter-by-necessity segment, according to Yardi Matrix.