Thompson Thrift to Develop 300-unit Luxury Apartment Community Outside Birmingham

Post by Jordan Sharp

Manager, Communications & Engagement

Birmingham, Ala.

"Chelsea is one of the most attractive growth markets in the area, supported by strong economic fundamentals, continued investment and a highly desirable location," said Josh Purvis, Managing Partner, Thompson Thrift Residential. "With limited opportunities for new multifamily development in the area, Rivet is uniquely positioned to help meet the growing demand for high-quality apartment homes while creating an exceptional living experience for residents."

Situated on nearly 29 acres along the U.S. 280 corridor, Rivet will offer residents convenient access to major employment centers, retail destinations, and outdoor recreation, along with the high-quality finishes and resort-inspired amenities that have become synonymous with Thompson Thrift communities.

When the first residents move in during late 2027, they will be able to choose from a mix of one-, two-, and three-bedroom apartment homes complete with elegant quartz countertops, stainless-steel appliances, tile backsplashes, hardwood-style flooring, full-size washers and dryers, smart-home technology, spacious walk-in closets, patio, balcony, and private yard options.

Residents will enjoy a comprehensive amenity package featuring a resort-style heated swimming pool, fully equipped 24-hour fitness center, pickleball court, community grilling areas and fire pit, social hub with billiards and shuffleboard, dog park and pet spa, business center with conference rooms and focus suites, and an Amazon package hub.

"Chelsea offers an exceptional quality of life, with top-rated schools, beautiful established neighborhoods and convenient access to employment, retail and healthcare destinations along the U.S. 280 corridor," said Jesse Houghtalen, SVP, Development, Thompson Thrift Residential. "Rivet complements that environment, providing residents with thoughtfully designed apartment homes, resort-style amenities and the convenience of living close to everything that makes Chelsea so desirable."

Rivet's location places residents just minutes from Grandview Medical Center, Meadow Brook Corporate Park, Tattersall Park, The Summit Mall, University of Alabama Birmingham, Samford University, downtown Birmingham, and more than 18 million square feet of shopping, dining, and entertainment within the corridor. The surrounding area continues to see significant investment, including a planned retail center and nearby technology and life sciences office park that further reinforce the long-term growth of the area.

Chelsea continues to experience significant momentum. Since 2020, the city's population has grown approximately 16%, underscoring its emergence as one of the fastest-growing communities in the Birmingham metropolitan area. Shelby County also maintains the lowest unemployment rate in the state due to the metro's strong base of healthcare, technology, and banking employers.

The development is being capitalized with equity from the Thompson Thrift 2025 Multifamily Development, LP.

Over the past 40 years, Thompson Thrift has invested more than $7.3 billion into local communities and has become known as a trusted partner engaged in all aspects of development, construction, leasing, and management of high-quality real estate projects across the country.

Securities Offered Through North Capital Private Securities, Member FINRA/SIPC

Investments in private offerings are speculative, illiquid, and may result in a complete loss of capital. Past performance is not indicative of future results. Prospective investors should conduct their own due diligence and are encouraged to consult with a financial advisor, attorney, accountant, and any other professional that can help them to understand and assess the risks associated with any investment opportunity.