News about Watermark Residential

Construction and leasing update for Watermark on Hurstbourne
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01/22/2014
Construction of 11 of the apartment buildings and the clubhouse at Watermark on Hurstbourne is complete. 

The site’s remaining six buildings are in their final stages with exterior lighting, final signage and gates being installed.The expectation is that the project will be completed in February of this year.

Leasing activities began – and have remained strong – even though parts of the site are still under construction. The 128 signed leases received to date represent 47 per cent of Hurstbourne’s total units.

The project is under contract for sale to Inland Real Estate with an estimated closing in the third quarter of 2014. Hurstbourne is located in Louisville.
Watermark Residential progress report
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12/06/2013
Indianapolis, Ind. – Watermark Residential project sites around the country report the following progress:

• The clubhouse at Watermark on Cumberland in Fishers, Ind., is complete and management has begun to secure leases. Building 1 should be available for residents in late January.

• The appeal and attractiveness of Watermark on Barker Cypress in Houston, Texas, has resulted in 66 signed leases thus far. The clubhouse is complete.

• Watermark on Hurstbourne in Louisville, Ky., is continuing to lease up at a great pace with 96 leases acquired to date. The clubhouse is complete and management is on-site.

• Watermark at Jordan Creek in West Des Moines, Iowa, has gotten off to a good start and all footings have been installed, the slab or the clubhouse has been poured and the slabs for the four other buildings will be poured by mid to late December.

• Construction of Watermark at Southlands is under way in Aurora, Colo. The site has been cleared, construction access entrances and exits are complete and excess soil has been hauled away.

• Construction continues to progress on the Watermark Villas at Sienna Plantation project in Missouri City, Texas. The clubhouse and building 1 slabs have been poured, and under-slab plumbing is complete on buildings 2, 3 and 4. Slabs for those buildings will be poured in the coming weeks. 

 
Construction begins on Watermark at Jordan Creek in Des Moines
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11/08/2013
Indianapolis, Ind. – Watermark Residential has begun construction of Watermark at Jordan Creek, an upscale multifamily community in West Des Moines. Thompson Thrift Construction of Terre Haute, Ind., is the project’s general contractor.

The community will include 176 Class A apartment homes in four four-story wood-frame buildings that employ the innovative e-Urban design. The community also will feature some parking in detached garages. Other amenities include a resort-style pool and a large club room.

Watermark at Jordan Creek is to be completed in 2015.

“We’re excited about this opportunity to join the West Des Moines community. We believe that quality and convenience will make Watermark at Jordan Creek a popular lifestyle choice for residents of the area,” said Eric Garrett, managing partner of Watermark Residential.

“Its e-Urban design, which maximizes the use of elevators, offers unprecedented ease of access for residents,” he added. “Watermark at Jordan Creek’s proximity to shopping, dining and recreation adds to its attractiveness as a place to call home.”

Humphreys & Partners Architects, L.P, of Dallas is the architect for the project. It developed the e-Urban design.

Watermark at Jordan Creek is being built on a 9.2-acre site at the northeast corner of Stagecoach Drive and S. 68th Street. Watermark Residential closed on the property in early October. The seller was Civic Parkway Associates, L.C., of Des Moines.

 Watermark Residential is a full-service multifamily housing developer based in Indianapolis.
Watermark Residential construction update
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10/30/2013
Indianapolis, Ind. – Watermark Residential has several multifamily communities currently under construction. Brief reports follow:

Tremendous progress has been made at Watermark on Cumberland in Fishers, Ind. Its clubhouse is operational; management is on site; and pre-leasing efforts began in mid-October.

Watermark on Barker Cypress’ reception has been impressive with 48 signed leases thus far. Other progress at the Houston, Texas, multifamily community includes:

• The clubhouse is complete.
• Roads are complete.
• The pool area is nearly complete. The addition of fencing, landscaping, grills and lighting is under way.

Demand for Watermark on Hurstbourne in Louisville, Ky., is running strong with 74 leases secured to date. Elsewhere around the site:

• The clubhouse is complete and management is on-site.
• Buildings 1, 2, 3, 4, 5, 6 and 8 are complete.
• Buildings 7 and 9 are receiving the finishing touches.

Construction begins on Watermark at Southlands multifamily community
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10/11/2013
Indianapolis, Ind. – Watermark Residential has begun construction of Watermark at Southlands, an upscale multifamily community in Aurora, Colo. Thompson Thrift Construction of Terre Haute, Ind., is serving as the project’s general contractor.
 
Watermark at Southlands is to be completed in June 2015.

“We’re excited about this opportunity to become a member of the Aurora community and provide its residents with a quality lifestyle option such as Watermark at Southlands,” said Eric Garrett, managing partner of Watermark Residential. “Southlands’ location adds to its attractiveness as a place to live by offering easy access to a wealth of resources, including shopping, dining and recreation.”

The project consists of 300 Class A apartment homes in 30 two-story buildings. The community also will include a swimming pool and clubhouse.
The apartments feature one, two or three bedrooms. The clubhouse building will provide the community with a fitness center, game room, club room and enclosed porch with direct access to the swimming pool.

The community will employ the award-winning “Big House” design concept. The “Big House” concept involves designing apartments to resemble and function like single-family homes. All of the buildings have separate entryways and provide direct access to one- and two-car garages.
 
"This design represents a step forward in multifamily community development," said Garrett. "It's not your typical, garden-style apartment design with a common corridor that features multiple doors. Instead, each apartment building looks like a big house from the road, with individual entrances for every apartment."

Humphreys & Partners Architects, L.P, of Dallas is the architect for the project. It developed the “Big House” design.

Watermark at Southlands is being constructed on a 20.11-acre site at the southwest corner of E. Orchard Road and S. Aurora Parkway. Watermark Residential closed on the property in late September. The seller was Southlands Multi Family, LLC, of Greenwood Village, Colo.

Watermark Residential is a full-service multifamily housing developer based in Indianapolis.
Watermark Residential sells two multifamily communities
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09/26/2013
Indianapolis, Ind. – Watermark Residential recently closed on the sale of two of its multifamily communities.

Watermark at Indian Lake Village in Hendersonville, Tenn., was purchased by SIR Cantare of Irvine, Calif. Watermark at Hamburg Place in Lexington, Ky., was purchased by SIR Hamburg, LLC, of Irvine, Calif.

Watermark Residential closes on land purchase
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09/26/2013
Indianapolis, Ind. – Watermark Residential recently closed on the purchase of a parcel of land to be developed into a multifamily community in Colorado.

The company purchased  20.1 acres in Aurora, Colo., for Watermark at Southlands. The seller was Southlands Multi Family, LLC, of Greenwood Village, Colo.
Roger Foster joins Watermark Residential
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09/13/2013
Indianapolis, Ind. – Roger Foster has joined Watermark Residential as a project manager.

Prior to moving to Watermark, Foster was a project manager for Thompson Thrift Construction beginning in 2011. He also served as an executive builder, builder and associate builder for The Estridge Companies in Carmel from 1999-2011. He began his career with Enterprise Rent-A-Car in Indianapolis serving as a branch manager and assistant branch manager.

He received a B.S. degree in public management from Indiana University in May 1996. While at Estridge, he received the Woodland O’Brien Outstanding Customer Service Award and the President’s Award in 2005.
 

Watermark Residential update
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09/06/2013
Indianapolis, Ind. – Watermark Residential is pleased to report the following progress:

Construction of Watermark at Katy Ranch is complete. The community has 142 signed leases and more than 100 units are already occupied.

Watermark on Barker Cypress reports 20 signed leases. Its clubhouse is complete and furnished.

Watermark on Hurstbourne appears to be a major hit in the Louisville metro area with 56 signed leases to date.

With completion of its clubhouse set for early October, Watermark on Cumberland is almost ready for management to move in.

Watermark closes on purchase of land for project's second phase
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08/23/2013
Indianapolis – Watermark Residential recently closed on 13.2 acres for its Villas at Sienna Plantation project in Houston.



The seller was Sienna/Johnson North, L.P., of Houston.



The Villas at Sienna Plantation is the second phase of a project that also includes Watermark at Sienna Plantation, a luxury multifamily community.
Matthew Griffin joins Watermark Residential
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08/09/2013
Indianapolis, Ind. – Matthew Griffin has joined Watermark Residential as a development manager. He has 15 years of experience in planning and development management
He most recently served as development manager with Buckingham Companies, Indianapolis, from 2007 to the present.

He has also worked as a planner with Monroe County, Ind.; a town planner with Cary, N.C.; an urban planner with Ratio Architects, Inc., Indianapolis; associate planner, Westfield, Ind.; and lead planner, Carmel, Ind.

He holds a bachelor’s of urban planning degree, a bachelor of science in environmental design and a bachelor of science in economics. All of his degrees are from Ball State University.

Watermark Residential is a full-service multifamily housing developer. 
Watermark Residential completes two multifamily communities
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08/02/2013
Indianapolis, Ind. – Watermark Residential recently completed two upscale multifamily communities: Watermark at Indian Lake Village in Hendersonville, Tenn., and Watermark at Hamburg Farms in Lexington Ky.

Watermark at Hamburg Place employs an e-Urban design concept and consists of 150 Class A apartment homes within two three-story buildings.

Watermark at Indian Lake Village is a multifamily community of 206 Class A apartment homes that features an innovative e-Urban design.
Watermark Residential properties leasing well
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07/22/2013
Several Watermark Residential properties have reported high demand among potential clients and good numbers in signed leases.

Watermark at Katy Ranch has secured 100 leases. Construction is all but complete with 14 of the community’s 15 buildings and clubhouse finished.

Watermark at Indian Lake Village reports 171 signed leases, a figure which represents 81 percent of the community’s total apartment homes. Construction is complete.  

Watermark at Hamburg Farms has 119 signed leases in hand, which is equal to 79 percent of the total apartment homes in the community. Construction is complete.
Jamel Spencer joins Watermark Residential
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07/03/2013
Indianapolis, Ind. – Jamel Spencer recently joined Watermark Residential as a leasing consultant at its Watermark at Sienna Plantation multifamily community near Housotn, Texas.
                                                                                                                                   
Prior to joining Watermark Residential, he worked as sales consultant with Nxcess Luxury and Exotic Imports.  He also worked in retail management and financial sales with Genesco.
 
Spencer studied business administration at Texas Southern University. He also received his associate’s degree in information technology from Remington College.
Watermark Residential welcomes new staff member
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06/28/2013
Nick Schmaltz has joined Watermark Residential as a project manager. Previously, he worked as a project manager/project engineer with Buckingham Construction in Indianapolis from 2008-2013. He also was a field project manager with CP Morgan Communities in Charlotte, N.C., from 2005-2007.
 
Schmaltz received a bachelor of arts degree in organizational leadership and supervision with a minor in computer technology from Purdue University.

Watermark sells Quail North community
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06/14/2013
Indianapolis, Ind. – Watermark Residential recently sold its Watermark at Quail North multifamily community to Sir Quail North, LLC. The community is located in Oklahoma City.

Watermark at Quail North consists of 240 Class A apartment homes and seven buildings. Its three-story buildings feature a Tuscan-style façade with natural stone and stucco exterior finishes.     

The community also includes a clubhouse, a resort-style pool and detached garages. Quail North features an e-Urban design.
Update on Watermark Residential projects
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06/07/2013
Watermark at Katy Ranch  has 48 signed leases and 14 residents have moved in. Over the next month, Watermark expects to see leasing numbers increase sharply as the completion of construction nears. The e-Urban building will finish in July while the others should be finished in the coming weeks.

With lumber now on site, Watermark on Cumberland has begun to go vertical. This continues the excellent progress on the project, which remains on budget. Crews will soon begin framing the clubhouse and building 1.  Curbs and other site work also will be under way shortly.

Crews are running ahead of pace at Watermark on Barker Cypress and it shows. Interior work on the clubhouse continues as crews aim for an opening at the beginning of July. Crews will continue to push the pace as we look to have our first units available in early September.

Watermark at Hamburg Farms has received the Certificate of Occupancy for its last remaining building. Building 1 opened to residents on June 1.

Watermark on Hurstbourne continues its transformation into Louisville’s finest luxury apartment community. Over the next few weeks, crews will focus on finishing the clubhouse so management can get on site. The remainder of the buildings will progress as the various trades finish one and move to the next.

Watermark at Quail North's occupancy rate above national average
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05/17/2013
Indianapolis, Ind. – Watermark at Quail North’s exceptional leasing activity has put it at the top of the market in terms of occupancy. The occupancy rate remains 98 percent while the market average is 91 percent.

The community consists of 240 Class A apartment homes in three buildings on a 10-acre site. It also includes a clubhouse, a resort-style pool and detached garages. Apartments feature one, two or three bedrooms.

Watermark Residential was the project’s developer. Thompson Thrift Construction served as the general contractor.

Watermark Residential is a full-service multifamily housing developer based in Indianapolis.
Watermark Residential named one of Indianapolis’ largest commercial real estate developers
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05/10/2013
Indianapolis, Ind. – The Indianapolis Business Journal recently named Watermark Residential as one of the 25 “Largest Indianapolis-Area Commercial Real Estate Developers.” Watermark was 4th on the list. The rankings were based on total square footage completed or under construction in 2012.

The IBJ cited Watermark Residential for developing 2,733,836 square feet of commercial real estate, all of which was multifamily, in 2012. The publication also mentioned Watermark on Cumberland in Fishers, Ind.; Sycamore Terrace (Phase II) in Terre Haute, Ind.; Watermark on Hurstbourne in Louisville, Ky.; and Watermark at Hamburg Place in Lexington, Ky., as "sample" Watermark Residential projects for 2012.

Watermark on Cumberland is the company’s first project in the Indianapolis area.

Watermark Residential is a full-service multifamily housing developer based in Indianapolis.
Two join Watermark Residential staff
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05/02/2013
Indianapolis, Ind. – Luis Garcia recently joined Watermark Residential as a maintenance supervisor at its Watermark at Barker Cypress apartment community. 
Prior to joining Watermark Residential, he worked as a lead maintenance with Landmark at Cypress Falls in Cypress, Texas, from 2008-2012.  He also worked as an assistant maintenance with Sunchase from 2004-2008. 

Garcia attended Universidad Autonoma de Guerrero/Mexico. He also received his HVAC technician certification from the Mainstream Engineering Corporation in 2004.

Jeffery Strough recently joined Watermark Residential as a maintenance supervisor at its Watermark at Sienna Plantation apartment community. 
Prior to joining Watermark Residential, he worked as a lead maintenance/operations foreman with Aspen Square Management in Texas, from 2003-2012.  He also worked as a maintenance supervisor with NBC Management from 1999-2002. 
Construction of Phase II of Sycamore Terrace Apartments Under Way
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04/12/2013
Indianapolis. Ind. – Construction is under way on Phase II of Sycamore Terrace apartments in Terre Haute. Watermark Residential is the project’s developer, and Thompson Thrift Construction is the general contractor. 

Sycamore Terrace’s second phase will add 72 upscale apartment homes in six buildings to the existing community. The new construction – as does the project’s initial phase – features the innovative “Big House” concept in which apartments are designed to look and function like single-family homes. 

Sycamore Terrace’s Phase II apartment homes include one-, two- and three-bedroom units, all featuring private entrances and many with attached garages. 

The project’s location is south of and adjacent to the original Sycamore Terrace site near Highway 46 and New Margaret Road. Phase II will be completed by the end of this year.

Phase I of Sycamore Terrace included 178 apartment homes as well as a clubhouse and swimming pool. It was completed in 2011.

Watermark Residential is a full-service multifamily housing developer based in Indianapolis.
Watermark Residential communities to welcome first residents
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03/25/2013
 Watermark at Hamburg Place in Lexington, Ky., and  Watermark at Katy Ranch in Katy (Houston), Texas, will welcome their first move-ins on Monday, April 1. Both communities are being developed by Watermark Residential. Thompson Thrift Construction is the contractor.
Watermark Residential becomes newest member of Multifamily Housing Resource Program
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03/15/2013
 WASHINGTON, D.C. – The Equal Rights Center (ERC) – a national non-profit civil rights organization – recently announced that Watermark Residential has become the latest member of the ERC’s Multifamily Housing Resource Program (MHRP).

“The Equal Rights Center is proud to welcome Watermark Residential to the MHRP family,” said Victoria Lanteigne, the ERC’s Corporate Partnerships and Training Program Manager. “Major multifamily housing developers who belong to the MHRP have significantly increased accessible housing for people with disabilities all across the country. Watermark Residential’s commitment to accessible housing is yet another affirmation that providing equal opportunity is smart business.”

Established in 2008, Watermark Residential has emerged as a national leader in the development of upscale multifamily communities. As a developer of multifamily communities, Watermark Residential utilizes a combination of experience and expertise in the construction and management of multifamily dwellings. The Indianapolis-based company has developed more than 2,100 multifamily units across several Midwest states, including Texas, Oklahoma, Indiana, Tennessee and Kentucky.

“We are thrilled to be joining the Multifamily Housing Resource Program as an Executive Member,” said Steve Shaver, Director of Construction with Watermark Residential. “We are committed to achieving accessible housing for everyone, and are looking forward to benefiting from the ERC’s collaborative guidance throughout our partnership.”

The MHRP is a proactive collaboration between the ERC and industry leaders in the areas of multifamily housing development, construction and management, as well as architectural firms with design expertise and product or service vendors and subcontractors. With a mission to increase the number of residential housing units in the United States that are accessible to people with disabilities, the MHRP relies upon best practices and employee training.

Watermark Residential joins other major multifamily developers, including AvalonBay Communities, Bozzuto Group, Camden Property Trust, Donatelli Development, Kettler, The JBG Companies and Trammell Crow Residential in multi-year commitments to proactively work with the ERC to improve and ensure accessibility in housing through MHRP membership. Current MHRP members represent more than 600,000 housing units nationwide.
 

 
Watermark on Cumberland one of Indianapolis' largest construction projects
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03/08/2013
The Indianapolis Business Journal ranks Watermark on Cumberland as the Indianapolis area’s 34th-largest ongoing construction project. The $22 million luxury Watermark Residential multifamily community is located in Fishers, Ind.

Watermark on Cumberland will be the first multifamily community in Indiana to employ the innovative e-Urban design. The community will include 220 apartment homes in three multistory e-Urban buildings. Each building will include two elevators, or an elevator for each 10 apartment homes.

Thompson Thrift Construction of Terre Haute is the general contractor. The project is scheduled for completion in spring 2014.

Watermark on Cumberland is the company’s first development in the Indianapolis area and second in Indiana. It previously developed Sycamore Terrace Apartments in Terre Haute. In addition to Indiana, it currently has projects in Texas, Kentucky, Tennessee and Oklahoma.

Leasing Update

Watermark at Indian Lake Village in Hendersonville, Tenn., currently has 51 leased units and 37 occupied apartment homes. Watermark at Sienna Plantation in Missouri City, Texas, has 67 occupied and 87 leased apartment homes. The second building at Sienna Plantation was turned over in February. The third building should be turned over in March.
 
Watermark Residential is a full-service multifamily housing developer based in Indianapolis.

Watermark Residential welcomes two new staffers
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03/04/2013
Watermark Residential is pleased to welcome new staff members at Watermark at Katy Ranch in Katy, Texas, and Watermark at Indian Lake Village in Hendersonville, Tenn.

Michelle McAllister recently joined Watermark Residential as a leasing consultant at its Watermark at Katy Ranch multifamily community.

Prior to joining Watermark Residential, she worked as a sales supervisor with A-Abco P.C. in Houston, Texas, from 2007-2012. She also worked as a legal office assistant with DeNisco & Associates Law Firm from 2006-2007. McAllister attended the University of Houston and Houston Community College.

Gracie Carter has joined Watermark Residential as a leasing consultant at its Watermark at Indian Lake Village multifamily community.

Prior to joining Watermark Residential, she worked as a stock manager with Charming Charlie from 2012-2013. She also worked for Butterbean Café & Bistro in 2011.
Resident enjoys living at Watermark at Indian Lake Village
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04/05/2013
Laura Yannazzo, a resident of Watermark at Indian Lake Village apartments, had very good things to say about her experience moving into and living in that community:
 
“I simply adore my new apartment home! My move-in day was snowing and frigid; but my A1 was warm and inviting! As I made my way through the move, I met neighbors all around me who are so pleasant; it’s more like a community than just living on top of/below some random stranger. Management was very helpful and overcame anything unforeseen. I’ve almost become a hermit because I want to go straight home and do not pass go! Normally, change is rough. . .NOT THIS TIME! There's no place like HOME. There's no place like HOME!”
Heartland Real Estate Business Online covers Watermark on Cumberland
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02/26/2013
Heartland Real Estate Business Online recently ran a story on Watermark on Cumberland, Watermark Residential's new multifamily community in Fishers, Ind.

You can read the story here: http://www.rebusinessonline.com/main.cfm?id=17&date=20130219&region=Midwest
Lowell Douglas joins Watermark Residential
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02/15/2013
Indianapolis, Ind. – Lowell Douglas recently joined Watermark Residential as a leasing consultant at its Watermark at Hamburg Place multifamily community.
   
Prior to joining Watermark Residential, he was a baseball coach/speed coach with Champions Sportplex in Nicholas, Ky., from 2011-2013. He also worked as manager/model with Abercrombie & Fitch in Huntsville, Ala., from 2004-2011.

Douglas earned a bachelor of arts degree in arts integrated strategic communication from the University of Kentucky in 2012.

Watermark Residential is a full-service multifamily housing developer based in Indianapolis.
 
James Clemmons joins Watermark Residential
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02/08/2013

Indianapolis, Ind. – James Clemmons recently joined Watermark Residential as a maintenance supervisor at its Watermark at Indian Lake Village multifamily community.

                                                                                                                                    

Prior to joining Watermark Residential, he worked as a maintenance supervisor with Pedcore Homes in Madison, Tenn., from 2012-2013 and with Chartwell Residential in Hendersonville and Nashville, Tenn., from 2010-2012.

 

Clemmons earned an HVAC technical degree from Tennessee Tech University in 2007. He is also EPA and Universal certified. He is a member of the Greater Nashville Apartment Association.

 

Watermark Residential is a full-service multifamily housing developer based in Indianapolis.

Watermark Residential first with e-Urban design in Indy
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01/31/2013
Indianapolis. Ind. – Watermark on Cumberland will be the first multifamily community in Indiana to employ the innovative e-Urban design. It is developer Watermark Residential’s first project in the Indianapolis area and second in Indiana.

Watermark Residential previously developed Sycamore Terrace Apartments in Terre Haute. In addition to Indiana, it currently has projects in Texas, Kentucky, Tennessee and Oklahoma.

The e-Urban design, with elevators, has short corridors, separate fire halls and an 88 per cent efficiency ratio for net rentable space.

When complete, the upscale community will include 220 apartment homes in three multistory e-Urban buildings. It also will feature a clubroom; zero entry resort-style pool with Las Vegas-style cabanas and barbecue and entertainment area; and detached garages.

The property will feature seven elevators per building, which is almost unheard of in traditional three-story multifamily construction. This translates to an elevator for every 15 residents, which is as close to a private elevator as you are going to find. There will be no more climbing three floors of stairs.

Humphreys and Partners of Dallas, which developed the e-Urban concept, is the project architect. Thompson Thrift Construction of Terre Haute is the general contractor.

The project is scheduled for completion in 2014.

Watermark Residential is a full-service multifamily housing developer based in Indianapolis.


 


Bo Chapman earns Professional Engineer licensure
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01/25/2013
Indianapolis, Ind. – Bo Chapman, project manager with Watermark Residential, recently earned licensure as a Professional Engineer (PE) from the Society of Professional Engineers.

“Engineering licensure has been a major professional goal for me and I’m thankful for the support of Watermark Residential in allowing me to accomplish this milestone,” Chapman said.

To become a PE, engineers must complete a four-year college degree, work under a PE for at least four years, pass two intensive competency exams and earn a license from their state’s licensure board, according to the National Society of Professional Engineers.

Every state regulates the practice of engineering to ensure public safety by granting only PEs the authority to sign and seal engineering plans and offer their services to the public.

Chapman joined Watermark Residential last year. He brought with him more than five years of civil engineering and land development experience with a focus on multifamily.

Watermark Residential: Houston area round-up
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01/25/2013
Watermark Residential’s three projects in the Houston area – Watermark at Sienna Plantation, Watermark at Katy Ranch and Watermark on Barker Cypress – are showing significant progress.

Watermark at Sienna Plantation’s second apartment building is nearing completion and has received its Certificate of Occupancy.

Building 1 is complete and residents have moved in.

Watermark at Katy Ranch’s clubhouse is nearing completion as interior trim work remains. Furniture should be moved in soon.

The community’s e-Urban building has been framed.

Building pads, underground plumbing and slabs will be the main focus at Watermark on Barker Cypress over the next month. The clubhouse will begin framing soon.

First apartment building completed at Sienna Plantation
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01/10/2013
The first apartment building at Watermark at Sienna Plantation has been completed, and residents have moved in. Fifty-five leases have been signed to date for the upscale multifamily community.

The multifamily community, which is located in Missouri City, Texas, southwest of Houston, consists of three eUrban buildings containing a total of 240 apartment homes. There also is a clubhouse and pool amenity area.

Building 1, which contains 90 apartment homes, was completed in December 2012. Building 2, with 58 apartment homes, will be completed later this month. Building 3, which features 92 apartment homes, is to be finished by April 1 of this year. The clubhouse was completed last year. The pool area is to be finished by February 1.

Thompson Thrift Construction is serving as the general contractor for the project. Construction began in July 2011.
Watermark Residential closes on property for Watermark on Cumberland in Fishers, Ind.
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12/20/2012
Indianapolis. Ind. – Watermark Residential recently closed on property for its Watermark on Cumberland multifamily community in Fishers, Ind. Construction will begin in January 2013.



“Fishers is a dynamic and rapidly growing community that has a great deal to offer our residents,” said Eric Garrett, Watermark Residential managing partner.

“Similarly, Watermark on Cumberland, with its attractive design, outstanding amenities and quality construction, will complement the existing environment in Fishers and appeal to potential residents,” he added.  “It will be a very nice place to live.”

When complete, the upscale community will include 220 apartment homes in three multistory eUrban buildings. It also will feature a clubroom; zero entry resort-style pool with Las Vegas-style cabanas and barbecue and entertainment area; and detached garages.

“The property will feature seven elevators per building, which is almost unheard of in traditional three-story multifamily construction," Garrett said. “This translates to an elevator for every 15 residents, which is as close to a private elevator as you are going to find. There will be no more climbing three flights of stairs.”

Individual apartment homes include granite counter tops, walk-in closets, crown molding and designer light fixtures. Other community amenities include a conference room, fitness center, dog park and an Internet café.

Humphreys and Partners of Dallas is the project architect. Thompson Thrift Construction of Terre Haute is the general contractor.

The project is scheduled for completion in 2014.

Watermark on Cumberland is the company’s first development in the Indianapolis area and second in Indiana. It previously developed Sycamore Terrace Apartments in Terre Haute. In addition to Indiana, it currently has projects in Texas, Kentucky, Tennessee and Oklahoma.

Watermark Residential is a full-service multifamily housing developer based in Indianapolis.

Jessica Meier joins Watermark Residential
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12/14/2012
Indianapolis, Ind. – Jessica Meier recently joined Watermark Residential as office manager.
    
Prior to joining Watermark Residential, she was a business center manager with Amerimar Business Centers in Indianapolis, Ind., from 2008-2012.  She also worked as a sales associate with Bath and Body Works from 2005-2008.

Meier earned a bachelor of science degree in human development and family sciences from The Ohio State University in 2008.

Watermark Residential is a full-service multifamily housing developer based in Indianapolis.
Watermark Residential sells Sycamore Terrace Apartments
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12/03/2012
Indianapolis, Ind. – Watermark Residential recently sold Sycamore Terrace Apartments, a multifamily community in Terre Haute.
   
Brian Southworth of Watermark Residential represented the seller. The buyer, SIR Sycamore Terrace, LLC, represented themselves.

Sycamore Terrace consists of 178 Class “A” apartment homes that include one-, two- and three-bedroom floor plans. About half of the community’s apartment homes include attached garages. The community’s 15 apartment buildings employ the “Big House” concept in which apartment buildings are designed to look and function like single-family homes. There also is a clubhouse and swimming pool.
 
Bo Chapman joins Watermark Residential
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12/03/2012
Indianapolis, Ind. –  Bo Chapman recently joined Watermark Residential as a project manager. He has more than five years of civil engineering and land development experience with a focus in multifamily.
 
Prior to joining Watermark Residential, he was a project manager at HP Civil Engineering in Dallas from 2011-2012. He also was a project engineer at Pacheco Koch Consulting Engineers in Dallas from 2007-2011.

He holds a B.S. degree in civil engineering from the University of Texas at Arlington. He is a member of the American Society of Civil Engineers and The Association of State Floodplain Managers.
Construction under way at Watermark on Hurstbourne
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11/30/2012
Indianapolis, Ind. – Construction is under way at Watermark on Hurstbourne, a new Watermark Residential luxury apartment community in Louisville. Thompson Thrift Construction is the general contractor on the project, which is to be completed in early July 2013.

Watermark on Hurstbourne will feature 270 Class A apartment homes in two different style buildings – Big House and e-Urban. Big House apartments resemble a single-family home and have a front door/single point of entry rather than stairwell access. The e-Urban design is a more conventional multi-floor, multi-unit design.

Plans in Louisville call for 21 apartment buildings, including two- and three-story structures; a large clubhouse; and a resort-style pool with other outdoor amenities. Interiors will feature granite countertops in the kitchens and crown molding throughout the units, which range up to three bedrooms.

The architect is Dallas-based Humphreys & Partners Architects, which developed the innovative Big House and eUrban design concepts.

The community is located at North Hurstbourne Parkway near Dorsey Lane, adjacent to the Forest Green Corporate Office Park.

Watermark Residential is a full-service multifamily housing developer based in Indianapolis.

Steven Shaver joins Watermark Residential
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11/30/2012
Indianapolis, Ind. – Steven Shaver recently joined Watermark Residential as director of construction. He has more than 11 years of experience in the construction industry.
 
Prior to joining Watermark Residential, he was a project manager with Buckingham Construction in Indianapolis from 2005-2012. He also worked as a construction manager with M/I Schottenstein Homes from 2002-2005.
 
Shaver earned a bachelor of science degree in building construction management from Purdue University in 2001. He is also a member of the National Association of Homebuilders, Urban Land Institute, Builders Association of Greater Indianapolis and the Purdue Alumni Association.
Watermark Residential closes on property for Watermark at Barker Cypress
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11/28/2012
Indianapolis, Ind. – Watermark Residential recently closed on property for its Watermark at Barker Cypress apartment community in Cypress (Houston), Texas. Thompson Thrift Construction of Terre Haute will serve as the general contractor for the project.

The community will include 318 luxury apartment homes in a mix of buildings featuring innovative Big House and e-Urban designs. Direct-access garages for one and two cars will be available.
 
Humphreys & Partners Architects of Dallas is the architect.

Watermark at Barker Cypress is the company’s third project in the Houston area. Other projects are Watermark at Katy Ranch in Katy, Texas, and Watermark at Sienna Plantation in Missouri City, Texas.

Cypress is part of the Houston MSA and is approximately 20 miles northwest of downtown Houston. The Watermark Residential site is near a HEB Supermarket and convenient to Cypress Towne Center, which includes a number of national retailers.

Watermark Residential is a full-service multifamily housing developer based in Indianapolis.

Watermark at Quail North 90 percent leased
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11/28/2012

Indianapolis, Ind. – Watermark at Quail North, a new Watermark Residential multifamily community in Oklahoma City, is 90 per cent leased.

“This achievement is remarkable given that leasing operations began in April, the community’s first apartment building was completed in June and its last was finished this fall,” said Gene Harris, Watermark assistant vice president of property management.

“I think this shows that residents have been impressed with Quail North’s luxury and quality. These factors combined with its unique building design featuring interior courtyards and no breezeways and provide the lifestyle they want,” he added.

In addition to three apartment buildings, Quail North includes a clubhouse, a resort-style pool and detached garages. Apartments feature one, two or three bedrooms.

Watermark Residential was the project’s developer. Thompson Thrift Construction served as the general contractor.

Watermark Residential is a full-service multifamily housing developer based in Indianapolis.

Adrienne Johnson joins Watermark Residential
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06/14/2012
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INDIANAPOLIS, IN — Adrienne Johnson recently joined Watermark Residential as a property manager for Watermark at Sienna Plantation in Missouri City, Texas. She has more than eight years of experience in property management.

Prior to joining Watermark Residential, she worked as a property manager with Jupiter Communities of Chicago from 2009-2012, Creekstone Management of Houston from 2007-2009 and with Fairfield Residential of San Diego from 2004-2007.
Jenny Cobb joins Watermark Residential
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06/14/2012
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INDIANAPOLIS, IN — Jenny Cobb recently joined Watermark Residential as property manager for Watermark at Indian Lake Village in Hendersonville, Tenn.

Prior to joining Thompson Thrift, she was a community manager for homeowner's associations with HALO Realty LLC of Hendersonville, Tenn., from 2011-2012. She was also a property manager with MLP Property Management of Brentwood, Mo., from 2009-2011. In addition, she was an assistant property manager with Equity Residential in Nashville, Tenn., from 2003-2009.
Heather Craik joins Watermark Residential
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05/18/2012

INDIANAPOLIS, IN - Heather Craik recently joined Watermark Residential as a leasing consultant for Watermark at EastChase in Montgomery, Ala. She has more than four years of clerical and administrative experience.

Prior to joining Watermark Residential, she was an executive assistant with Farmers Insurance Group of Montgomery, Ala., in 2011. She was also a night auditor with The Oasis Hotel of Shorter, Ala, from 2009-2010. Craik is currently enrolled in Southern Union State Community College.

Watermark Residential is a full-service multifamily housing developer with headquarters in Indianapolis. It presently is developing projects in Alabama, Texas, Oklahoma, Kentucky, Tennessee and Indiana.

Sycamore Terrace reaches 98 percent occupancy
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05/18/2012
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INDIANAPOLIS, IN — Sycamore Terrace Apartments, a Watermark Residential multifamily community in Terre Haute, has achieved 98 percent occupancy.

According to Gene Harris, Watermark Residential vice president of property management, this accomplishment is attributable to the staff at Sycamore Terrace.

"We are fortunate to have a team of hard-working individuals who are dedicated to quality and service," he said. "It's because of them that we have received so many compliments from our residents and the demand to live at Sycamore Terrace is high."

Leasing for Sycamore Terrace, which consists of 178 apartment homes, began in August 2011. By February 2012, the community had reached 92 percent occupancy.

The Watermark Residential team at Sycamore Terrace includes Pam Pell, property manager; Scott Chinn, maintenance supervisor; and Greg Brenton, maintenance technician.

The community features the "Big House" concept in which apartment buildings are designed to look and function like single-family homes. Sycamore Terrace is located at 100 Antioch Circle East.
Brian Southworth joins the Watermark Residential team
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11/02/2011

INDIANAPOLIS, IN - Brian Southworth will serve as a senior financial analyst with Watermark Residential.

Prior to joining Watermark Residential, he worked as a senior associate with the National Retail Group of Marcus & Millichap Real Estate Investment Services. He joined that firm in 2001 and received its Sales Achievement Award in 2005 and 2006.

He earned a B.A. in business administration from Hanover College in 2001. He is a licensed Indiana Real Estate Salesperson and is a member of the International Council of Shopping Centers.

Watermark Residential is a full-service multifamily housing developer with headquarters in Indianapolis. It presently is developing projects in Alabama, Texas, Oklahoma, Kentucky, Tennessee and Indiana.

Val York joins Watermark Residential
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06/14/2012
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INDIANAPOLIS, IN — Val York recently joined Watermark Residential as an assistant property manager for Watermark at Sienna Plantation in Missouri City, Texas.

Prior to joining Watermark Residential, she was a leasing specialist for Madera Residential of Lubbock, from 2011-2012. She was also a manager for Stellar Management of Lubbock from 1998-2007.

She studied office management at St. Phillips in Gulfport, Miss.
Construction of Watermark at Quail North progressing well
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09/20/2011

INDIANAPOLIS, IN - Construction at Watermark at Quail North, a multifamily community on the north side of Oklahoma City, continues ahead of pace. The project’s completion date is May 2012.

The community will consist of 240 Class A apartment homes in three buildings on a 10-acre site. It also will include a clubhouse, a resort-style pool and detached garages. There will be one-, two- and three-bedroom homes.

To date, all building and garage slabs have been poured. Framing of the clubhouse is complete and HVAC and plumbing rough-ins have begun. The first floor of building one has been framed and framing has begun on building two. Two garage buildings have been framed.

The power company (OG&E) has begun pulling conduit to provide permanent power to all of the buildings. Additional conduit is being pulled for communication lines and security systems.

The buildings will continue to take shape over the next several weeks. Items to be completed are:

  • A binder coat of asphalt on the entire site.
  • All curbing.
  • The clubhouse roof, the rough-ins to the clubhouse, shingling the clubhouse roof, and the clubhouse’s masonry façade.
  • Framing the remainder of building one.
  • Shingling the garages.

The community’s three-story buildings feature a Tuscan-style façade and will incorporate an attractive plaza along with extensively landscaped courtyards into its design. Other amenities include professional management, 24-hour maintenance, wi-fi throughout the clubhouse and pool area and an outdoor grilling area. Leasing will begin in October 2011 with the first building ready for occupancy by January 2012. Thompson Thrift Construction is the general contractor for Quail North. The architect for the project is Dallas-based Humphreys & Partners Architects, L.P., which originated the e-Urban design concept that the community employs.

Watermark Residential is a full-service multifamily housing developer with headquarters in Indianapolis. It presently is developing projects in Alabama, Texas, Oklahoma, Kentucky, Tennessee and Indiana.
Mike Margason assumes new role for Watermark Residential
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09/19/2011
Mark-margason
INDIANAPOLIS, IN — Mike Margason has been named construction manager for Watermark Residential. He joined Watermark Residential in February 2010 as a senior financial analyst.

In his new position, he will act as an owner’s representative to ensure implementation of the overall design vision for each Watermark Residential property.

Other responsibilities include monitoring and executing architectural and civil design, design standards, submittals, interior and exterior design and finishes, landscape and lighting, progress meetings, site visits, turnover and set up of properties.

Throughout his career, Margason has specialized in the sale and financing of commercial real estate, with a focus on multifamily assets. Prior to joining Watermark Residential, he spent five years with Marcus & Millichap selling multifamily assets and four years with Holliday Fenoglio Fowler, L.P., specializing in the financing and sale of commercial real estate. He has been involved in the closing of nearly 100 transactions with a total capitalization of $1.2 billion.

He holds a bachelor's degree in marketing from Indiana State University. He is a licensed Indiana Real Estate Salesperson and a Certified Commercial Investment Member candidate.

Watermark Residential is a full-service multifamily housing developer with headquarters in Indianapolis. It presently is developing projects in Alabama, Texas, Oklahoma, Kentucky, Tennessee and Indiana.
Construction Begins on Watermark at Indian Lake Village Multifamily Community in Hendersonville, Tenn.
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08/09/2011
INDIANAPOLIS, IN - Watermark Residential has closed on property for its Watermark at Indian Lake Village apartment community in Hendersonville (Nashville), Tenn. Construction of the community is scheduled to begin later this month.

Indian Lake Village is a multifamily community of 206 Class A apartment homes and will be built on an 8.05-acre site. The multifamily community features three-story buildings with surface parking and detached garages. It includes one-, two-, and three-bedroom apartment homes.

The site is located just east of Indian Lake Boulevard and The Streets of Indian Lake shopping center with direct access from Cinema Drive.

"We are pleased to be taking these steps toward becoming a member of the community in this desirable, high-growth area," said Eric Garrett, managing partner of Watermark Residential. "Indian Lake Village's location in a community-oriented lifestyle center adds to its attractiveness by offering residents access to a wealth of resources, including shopping, dining and recreation."

Watermark at Indian Lake Village will feature an e-Urban design that reflects a neotraditional style that, in turn, embraces characteristics of popular historical architecture.

"We chose an e-Urban design because it is more cost effective and efficient in terms of land use while still offering appealing architectural style and open, spacious floor plans," Garrett said. "This type of innovative design allows more units to be developed per acre than is possible with traditional designs."

Leasing will begin in early 2012, and construction will be complete in August 2012.

Thompson Thrift Construction of Terre Haute is the general contractor for Indian Lake Village, the architect for the project is Dallas-based Humphreys & Partners Architects, L.P, which originated the e-Urban design.

Watermark Residential is a full-service multifamily housing developer. It presently is developing projects in Alabama, Texas, Oklahoma, Kentucky, Tennessee and Indiana.
Watermark at EastChase receives award for "Best Clubhouse"
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08/09/2011
INDIANAPOLIS, IN - The River Region Apartment Association has honored Watermark at East Chase, a multifamily community in Montgomery, Ala., as part of its 2011 Beautification Award program. The Watermark Residential community was recognized for having the "Best Clubhouse" in the 0-5 year age category.

"Everyone at Watermark Residential is excited to have received this award," said Gene Harris, Watermark Residential vice president of property management. "We want to provide our residents with a quality living experience. This recognition is proof that we're realizing that goal."

Watermark at EastChase is a Class A multifamily community of 272 apartment homes. The Watermark Residential community consists of 12 three-story buildings as well as a clubhouse and a pool. It includes one-, two-, and three-bedroom apartment homes.

The River Region Apartment Association is the multifamily housing association for the Montgomery metro area. It was founded in 1972 and is one of five apartment associations in Alabama. It is an affiliate of the Alabama Apartment Association and National Apartment Association.

Watermark Residential is a full-service multifamily housing developer based in Indianapolis. It presently is developing projects in Alabama, Texas, Oklahoma, Kentucky, Tennessee and Indiana.
Construction Begins on Watermark at Tuscana Multifamily Community in Oklahoma City
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05/18/2011
INDIANAPOLIS, IN - Watermark Residential has begun construction of Watermark at Tuscana, a multifamily community on the north side of Oklahoma City. The project's completion date is May 2012.

"Initial work will include grading and forming the site in preparation for pouring the foundations for the community's buildings," said Eric Garrett, managing partner of Watermark Residential.

The community, which is located at 2701 Tuscana Blvd., will consist of 240 Class A apartment homes in three buildings on a 10-acre site. The community also will include a clubhouse, a resort-style pool and detached garages. There will be one-, two- and three-bedroom homes.

According to Garrett, the community features an e-Urban design. "This design represents a step forward in multifamily community development," he said. "The e-Urban design is more cost effective and more efficient in terms of land use by allowing more units to be developed per acre than is possible with traditional designs."

"It also pushes net rentable space in each building to about 88 percent from the normal 65 percent," he added. "The design accomplishes this efficiency through the use of short corridors and additional elevators."

The community's three-story buildings feature a Tuscan-style facade. Tuscana also will incorporate an attractive plaza along with extensively landscaped courtyards into its design. Other amenities include professional management, 24- hour maintenance, wi-fi throughout the clubhouse and pool area and an outdoor grilling area.

The community is part of the 150-acre Tuscana Master-Planned community in Oklahoma City and is convenient to the Quail Springs shopping corridor and several major employers.

"Tuscana is in a prime location and represents an important addition to the local community," Garrett said. "We are looking forward to its completion and adding it to the list of Watermark Residential's other high-end multifamily communities."

Leasing will begin in October 2011 with the first building ready for occupancy by January 2012.

Thompson Thrift Construction of Terre Haute is the general contractor for Tuscana. The architect for the project is Dallas-based Humphreys & Partners Architects, L.P., which originated the e-Urban design concept.

Watermark Residential is a full-service multifamily housing developer headquartered in Indianapolis. It presently is developing projects in Alabama, Texas, Oklahoma, Kentucky, Tennessee and Indiana.
Construction Begins on Sycamore Terrace Apartments in Terre Haute
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11/16/2010
TERRE HAUTE, IN - Construction has begun on Sycamore Terrace Apartments, a multifamily housing community being developed by Watermark Residential on Terre Haute's eastside.

"The site is currently being graded and formed in preparation for pouring the foundations of the community's buildings," said Eric Garrett, managing partner of Watermark Residential. Apartments are scheduled to be available in summer 2011.

Sycamore Terrace, which will be located on New Margaret Avenue, will consist of 178 Class "A" apartments that include one-, two- and three-bedroom units, about half of which will include attached garages. The community's 15 apartment buildings will employ the "Big House" concept in which apartment buildings are designed to look and function like single-family homes.

"This design represents a step forward in multifamily community development," said Garrett. "It's not your typical, garden-style apartment design with a common corridor that features multiple doors. Instead, each apartment building looks like a big house from the road, with individual entrances for every apartment."

Apartments will average 1,200 square feet in size. The new complex also will include a club house and swimming pool.

Thompson Thrift Construction of Terre Haute is the general contractor for Sycamore Terrace. The architect for the project is Dallas-based Humphreys & Partners Architects, L.P, which originated the "Big House" design concept.

Watermark Residential is a full-service multifamily housing developer headquartered in Indianapolis. It presently is developing projects in Alabama, Texas, Oklahoma and Indiana.
Property Development Company Plans Apartment Complex on East Side
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08/11/2010
TERRE HAUTE, IN - Hundreds of area residents could be headed to the "Big House."

Watermark Residential, an Indianapolis-based property development company, is planning to build a new-concept apartment community just northwest of the east-side Wal-Mart. The design of the new apartments is known as a "Big House" design. "It's a fantastic design," said Eric Garrett, managing partner of Watermark Residential. Each apartment building "looks like a big house from the road, with individual entrances for every apartment renter."

Thompson Thrift, a Terre Haute-based contracting company, will be constructing the new apartments. The "Big House" design concept originated with the Dallas-based architectural firm, Humphreys & Partners.

"It's not your typical, garden-style apartment design [with] a common corridor with multiple doors," Garrett said in an interview with the Tribune-Star on Wednesday. About half of the apartments will have garages included, he said.

Plans call for building 15 "Big House" apartment buildings, containing a total of 178 apartments, according to a news release issued this week by Watermark Residential. There will be one-, two- and three-bedroom apartments with an average size of 1,200 square feet, Garrett said.

"They are good-sized apartments," he said.

The property where the apartments are to be built is currently zoned for commercial use. Thompson Thrift is working to have the zoning designation changed to allow for residential use, said Tim Keller, director of marketing for Thompson Thrift.

"We currently are in the zoning and platting process. We also are assessing the financial viability of the project," Garrett stated in Watermark Residential's news release.

The new complex, which will be accessed by the planned "New Margaret Avenue," will also include a clubhouse and swimming pool, according to plans provided by Thompson Thrift. The official name of the new complex will be Sycamore Terrace Apartments.

"We're really excited to be a part of what I consider the growth corridor of Terre Haute," Garrett said by phone. "I feel like this will be a well-received product."

If all goes well, construction could begin this fall and apartments could be available in the summer of 2011, according to the Watermark Residential news release.

Rental rates for the new apartments will be comparable to other newer residential projects in the Terre Haute area, such as the apartments at Cobblestone Crossings and the Heritage Trail Apartments, Garrett said.

The New Margaret Avenue road extension is currently under construction. The extension of the road is part of a $2.6-million multiple-road construction project for the city's east side special taxing district, known as a "TIF district."

TIF (tax increment finance) money, which is property tax money collected on improvements made in the TIF area, eventually should pay for the new roads. The Terre Haute Department of Redevelopment is covering the initial road construction cost through borrowing.

This is the first construction project for Watermark Residential in Terre Haute, Garrett said. The company has other multi-family development projects under way in three other states, according to the news release.

The 11.2 acres of land where the new development is planned is owned by Greg Gibson, a local businessman. Gibson could not be reached late Wednesday afternoon for comment.

Five or six people will be employed at the new apartment community, which Watermark Residential will manage, Garrett said. In addition, there will be a need for contract services, such as snow removal, he said.

"It's going to be a level of product that Terre Haute has yet to see," Garrett said. "I can't wait to see how it's going to be received by the public."
Watermark Residential Breaks Ground on EastChase Apartment Homes
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04/28/2010
MONTGOMERY, AL - Watermark Residential, based in Indianapolis, IN will break ground at Watermark at EastChase Apartment Homes in Montgomery, AL on May 20, 2010 The community will consist of 272 Class A apartment homes that average more than 1,000 square feet per home and will be built on nearly 26 acres.

Watermark at EastChase will consist of 12 two- and three-story buildings, a clubhouse, garages, and resident amenities that include: a resort-style swimming pool, 24 hour fitness center, coffee bar, video game and theatre room, picnic areas, and more than 10 acres of untouched forest. Interior finishes and amenities will include ceramic tile floors, designer lights, ceiling fans, sleek black appliances that include microwaves and dishwashers, full size washers and dryers as well as walk-in closets.

Eric Garrett, Managing Partner of Watermark Residential, said, "Watermark at EastChase will provide a great location for our residents to call home that is in the middle of so much shopping and employment thanks to The Shoppes at EastChase, while still enjoying a serene setting next to a 4 acre pond and more than 10 acres of wooded land."

The community is located at 8462 EastChase Parkway, Montgomery, AL within The Shoppes at EastChase, an open air shopping center anchored by Target, Costco, Pier1, Dillard's and PetSmart, and includes many more in-line retailers and eateries. The first buildings will be completed by October 2010 and the entire community will be completed by June, 2011.

Watermark Residential is a full service multi-family developer headquartered in Indianapolis.
EastChase Development Underway in Montgomery, AL
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02/01/2010
INDIANAPOLIS, IN - The subject development site consists of 26 acres located on Southeast corner of Taylor Road and Interstate 85 in Montgomery, Alabama. The site is part of a Live, Work, Play, neo-traditional development named Eastchase. The project includes over 1 million square feet of open-air mall, office space, homes that are built and sold that start in the $400,000 range, and our proposed 272 units. Watermark @ EastChase Apartment Homes will consist of 272 Class A, 3 story, one, two and three bedroom apartment homes built in a new urbanist design.

The Montgomery Metro area is comprised of 353,276 residents. Over the past 17 years the Montgomery County employment base has grown by a factor of 22%, the number of unemployed persons has dropped by 31% and the labor force has exploded by 19%. The areas wealth has grown by 100% from a total personal income of $3.9 Billion in 1990 to approximately $7.8 Billion in 2005, and more than 15,280 jobs have been created in the past four years. The per capita income has grown 100% from $18,500 in 1990 to $36,953 in 2008. Net new manufacturing job growth increased 28.2% from 2001-2007 and net new job growth was second only to Huntsville at 27.9% since 1991.

Montgomery's growth is evidenced by six industrial projects over the past 15 years ranked in the "Top 100 Projects in the South" by Southern Business and Development Magazine. Expansion Magazine Ranked Montgomery 28th among Americas Hottest Cities for expansion as well as ranking Montgomery as a leader in logistics infrastructure. POLICOM ranked Montgomery in the top ten percent of US metro areas in economic strength. Last but not least the Milliken Institute ranked Montgomery as one the most diverse and stable economies in the country.
Texas Welcomes Watermark at Sienna Plantation
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01/28/2010
INDIANAPOLIS, IN - Watermark at Sienna Plantation Apartment Homes is a proposed 234 unit Class A multifamily property to be built in the master planned community, Sienna Plantation in Missouri City, Texas, which is in Fort Bend County and southwest of Houston. The development will be wood frame construction, three stories, and will feature large one, two, and three bedroom apartment homes; over half of the homes will feature attached garages.

Watermark at Sienna Plantation will benefit from a market with very strong demographics, a very healthy rental market, access and visibility to and from major roads, location to major area retailers, location to major employers, great schools, and various other local amenities such as the largest private water park in Texas. The combination of high barriers to entry for apartment developers and high home prices in Sienna Plantation and surrounding area ($236,765 median home value) creates a great need for high-end rental housing in this submarket as evidenced by the success of Watermark Residential's closest competition. Watermark Residential's visibility from Highway 6, location within Sienna Plantation, and proposed rents below that of its nearest competitor will enrich the probability of success for the development.