Indiana-Based Developer Plans Multifamily Townhome Development in Grand Rapids

Thompson Thrift Residential, based in Terra Haute, Indiana, is planning a 344-unit multifamily luxury townhome rental community in Wyoming, a Grand Rapids suburb. The developer spent $5.4 million on 28.5 acres in July. The development will be comprised of one- to four-bedroom  townhome apartments, some with attached garages and private yards.  The complex will include resort-style common areas including a clubhouse, swimming pool, gym, pickle ball courts and a dog park. Thompson Thrift Residential is motivated by the shortage of multifamily development, ;last year’s double-digit employment growth and the 40% increase in home values that have outpriced many first-time home buyers.