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Watermark Residential Expands in Kansas City
Watermark Residential, a division of Thompson Thrift, is making significant strides in addressing the multifamily housing demand in the Kansas City metro area. Recently, Watermark acquired 23 acres in Kansas City, Missouri, where it intends to build "The Element by Watermark," a 276-unit class A apartment community. This project marks their third development in Missouri, underscoring the company's commitment to enhancing the region's residential landscape.
Responding to Housing Demand
According to Paul Thrift, president and CEO of Thompson Thrift, “The Kansas City area is experiencing prolific growth, and there is a significant shortage of new supply as more people move into this area seeking quality multifamily rentals.” With the area facing a dearth of new projects, Watermark aims to fill this gap, offering not only fresh living spaces but also an attractive lifestyle.
A Project Tailored for Modern Living
The Element will feature garden-style apartments that comprise one, two, and three-bedroom units. Residents can expect a range of community amenities, including a clubhouse, a 24-hour fitness center, a resort-style swimming pool with cabana, and a pet-friendly “bark park” complete with a doggie spa. These features are designed to enhance community interaction and improve the living experience for residents.
Impacts on the Kansas City Rental Market
The demand for rental units in Kansas City remains robust, with recent data highlighting an average vacancy rate hovering around 5%. The region has seen a net absorption of nearly 1,400 units in recent months, suggesting that demand continues to outstrip supply. As the market experiences continuous growth, Watermark’s new project aligns perfectly with the current needs of renters looking for quality living options.
Future Forecasts for Multifamily Investments
Looking ahead, industry analysts are optimistic about the Kansas City multifamily rental market's performance. Predictions indicate that demand for rental units will remain steady, contributing to ongoing rent growth in the area. In particular, the multifamily sector is attracting significant investor interest, especially for Class A properties as rental trends evolve in line with demographic shifts.
Conclusion: A Community on the Rise
The Element by Watermark represents not just a new housing development but an essential response to Kansas City's evolving demographics and housing needs. As the city continues to grow, projects like Watermark's will play a crucial role in shaping the housing landscape. Those interested should keep an eye on upcoming developments and consider the potential of investing in this flourishing market.
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