Madison’s FarmHaus community sold to Virginia firm

MADISON — FarmHaus, a new 324-unit multifamily community, was sold recently, Thrift Residential announced.

Thrift Residential, an Indianapolis-based real estate company and developer, sold the  property at 1260 Balch Road in Madison. The community was purchased by Virginia-based Capital Square. The amount of the purchase was not disclosed.

“FarmHaus has been a very successful development for us in the ever-growing market of Huntsville,” said Josh Purvis, managing partner for Thompson Thrift Residential. “We attribute this success to our quality construction, meticulous finishes, on-trend amenities and tremendous on-site team that garnered significant interest from both potential residents and buyers.”

The community is comprised of three-story garden-style apartment homes with one-, two- and three-bedroom layouts. Each apartment home features open floor plans with hardwood-style flooring, quartz countertops, stainless steel appliances including a French door, refrigerator, a kitchen island with pendant lights, walk-in closets, and a private patio or balcony.

Community amenities include a clubhouse, state-of-the-art fitness center, business center, coffee bar and gaming lounge, resort-style pool, outdoor firepit, communal grilling station, fenced-in dog park and a pet spa.

“FarmHaus is an excellent addition to Capital Square’s growing portfolio of luxury multifamily communities throughout the southeastern United States,” said Whitson Huffman, Capital Square’s co-chief executive officer. “Huntsville is one of the most desirable cities from an investment perspective, with a rapidly growing economy and expansive demand for quality rental living options, such as those provided by FarmHaus, which features exceptional unit finishes and extensive community amenities for its residents.”

Craig Hey and Andrew Brown with Cushman & Wakefield Multifamily Advisory Group brokered the sale for Thompson Thrift.

“FarmHaus was an exciting deal to work on with great groups on both sides of the transaction,” said Hey. “The asset’s quality construction, thoughtful amenity layout, retail proximity and connectivity to employment nodes within the Huntsville metro area positions the asset for unparalleled growth in the coming years.”