Thompson Thrift Announces New Multifamily Community for Florida

Thompson Thrift

The multifamily developer Thompson Thrift announced its latest development will be Terrassa, a Class A community in St. Augustine, Florida.

Terrassa is part of the redevelopment of the former St. Augustine Outlets property off I-95 and will provide 324 one-, two- and three-bedroom apartment homes offering up to nearly 1,400 square feet of living space. Community amenities will include a 24-hour fully equipped fitness center, a resort-style swimming pool, courtyards, community grilling areas, a pickleball court, an on-site dog park and pet spa with a grooming station.

The company expects to begin construction in July, with completion expected in fall 2026. The new development will be Thompson Thrift’s 17th Florida multifamily community, with equity provided by Thompson Thrift 2024 Multifamily Development LP.

“St. Johns County is one of the most desirable counties to live in Florida, and is renowned for its excellent schools, strong income levels and impressive home values,” said Josh Purvis, managing partner for Thompson Thrift Residential. “Securing approval for new developments is becoming increasingly challenging, but our team’s proven track record and commitment to excellence have allowed us to secure a prime spot in this highly desirable county.”

Sandstone Group

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