Celebrating its 40th anniversary, multifamily developer Thompson Thrift continues to advance its pipeline with a disciplined growth strategy.
For the third consecutive year, it has ranked on the National Multifamily Housing Council’s top developers and builders lists at No. 15 and 17, respectively. In 2025, the developer started 3,245 units, while it expects to start 13 developments with approximately 3,900 units this year.
As part of its growing pipeline, Thompson Thrift has expanded its geographic footprint with a move into its 24th state—Nevada. The Indianapolis-based developer recently announced that it will develop Argent Flats, a 273-unit multifamily community in Reno, welcoming its first residents in September 2027.
“Expanding into Nevada is an exciting milestone for our company as we continue to focus on high-growth, high-demand markets,” says managing partner Josh Purvis. “Reno offers a compelling combination of economic strength and lifestyle appeal, and we are excited for Argent Flats to bring a thoughtfully designed living experience to the market.”
Brian Southworth, senior vice president of acquisitions and partner at Thompson Thrift, discusses what’s ahead, the markets the developer is bullish on, and how it’s navigating today’s development challenges.
Argent Flats is capitalized through the Thompson Thrift 2026 Multifamily Development LP. How much dry powder does the fund still have to deploy?
Argent Flats in is our second project in the 2026 LP, following our first project, Lineage, in the Atlanta metro. We currently have approximately $167 million remaining to deploy, which we expect will fund six additional projects.
Are there particular regions where you see the most opportunity right now?
We see strong opportunities across the regions where we are active, including the Mountain West, Southeast, and Midwest. In the Mountain West, Phoenix is beginning to trend in a positive direction, and we are encouraged by declining starts in Boise, Idaho, and Reno. In the Southeast, fundamentals are improving in Atlanta, and we continue to see steady growth in the Carolinas. The Midwest has remained consistent, with our most active markets being Indianapolis and Kansas City, Missouri.
Beyond Nevada, what other new states or metros are you actively pursuing this year?
We are projecting starts in 10 states, including Georgia (Atlanta and Savannah), Nevada (Reno), Tennessee (Nashville and Knoxville), Virginia (Richmond), South Carolina (Charleston), Alabama (Birmingham), Indiana (Indianapolis), Idaho (Boise), Colorado (Denver), and Florida (Orlando).
How active do you expect to be in new starts in 2026 compared with 2024–2025?
We expect to start 13 projects totaling 3,913 units in 2026 compared with 11 starts totaling 3,245 units in 2025 and nine starts totaling 2,659 units in 2024.
Are you prioritizing new market entries in 2026 or deepening in existing states?
We are focused on both to maintain a healthy pipeline. We continue to expand in states where we have been most active, including Colorado, Florida, Arizona, and Georgia, while also evaluating new markets. Expanding into new markets will be critical to achieving our long-term goals. Texas is a key focus, as we have not been active there since 2019. We are making a strong push to reenter the state and are hiring in Dallas-Fort Worth to support that effort.
What are the biggest barriers for development today, and how is Thompson Thrift overcoming those challenges?
One of the biggest challenges today is making underwriting fundamentals work in an environment where rent growth has slowed. It is more difficult to achieve target returns when rents are flat or growing modestly. Our focus is on the factors we can control, primarily our cost basis. That includes maintaining discipline on land acquisitions, leveraging our standardized product, and driving efficiency in construction. More broadly, fewer units are currently under construction across the industry, which has helped ease cost pressures compared with recent years. This has created a more favorable backdrop as we position new developments in today’s environment.
Tell me about a recent development that was completed that showcases Thompson Thrift’s strengths.
We recently completed The Pullman in Union City, Georgia, part of the Atlanta MSA, which highlights our strengths across the platform. Our land acquisition team secured a strong site in a submarket with a solid employment base and limited new supply. Thompson Thrift Construction delivered the project ahead of schedule and under budget. Our community management team has also performed well, achieving an average lease-up pace in the high teens, with stabilization expected in the third quarter of this year.