Thompson Thrift to Develop 300-Unit Rivet Apartment Community in Chelsea, Alabama
BIRMINGHAM, Ala. — Thompson Thrift announced Aug. 17 the development of Rivet, a 300-unit Class A apartment community in Chelsea, one of the fastest-growing suburbs in the Birmingham metropolitan area. The project will sit on nearly 29 acres along the U.S. 280 corridor and is being capitalized with equity from the Thompson Thrift 2025 Multifamily Development, LP.
Project Overview and Amenities
Rivet will offer a mix of one-, two-, and three-bedroom apartment homes featuring quartz countertops, stainless-steel appliances, tile backsplashes, hardwood-style flooring, full-size washers and dryers, smart-home technology, spacious walk-in closets, and patio, balcony, and private yard options. The community's amenity package will include a resort-style heated swimming pool, a fully equipped 24-hour fitness center, a pickleball court, community grilling areas and a fire pit, a social hub with billiards and shuffleboard, a dog park and pet spa, a business center with conference rooms and focus suites, and an Amazon package hub.
First move-ins are targeted for late 2027.
"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 of 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."
Chelsea Market Fundamentals
Chelsea's population has grown approximately 16% since 2020, making it one of the fastest-growing communities in the Birmingham metro. Among cities with more than 10,000 residents in the Birmingham–Hoover metro, Chelsea has been identified as the fastest-growing, and it ranks among the sixth-fastest-growing cities of that size statewide. Shelby County, where Chelsea is located, maintains the lowest unemployment rate in Alabama, supported by a base of healthcare, technology, and banking employers.
The U.S. 280 corridor provides residents access to Grandview Medical Center, Meadow Brook Corporate Park, Tattersall Park, The Summit Mall, the University of Alabama Birmingham, Samford University, downtown Birmingham, and more than 18 million square feet of shopping, dining, and entertainment. The surrounding area is also seeing additional investment, including a planned retail center and a nearby technology and life sciences office park.
"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 of Development at 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."
Fund Strategy and Capital Structure
Rivet is being funded through the Thompson Thrift 2025 Multifamily Development, LP, the firm's seventh multi-project development fund. The fund launched in October 2024 with an initial target of $230 million in capital commitments from accredited investors, initially identifying six ground-up Class A multifamily projects across Georgia, Florida, Colorado, Kansas, and Indiana. By March 2025, the fund had closed with more than $255 million in commitments, exceeding its original target. Rivet extends the fund's geographic reach into Alabama.
Thompson Thrift has since closed the 2026 Multifamily Development, LP with more than $222 million in commitments to fund seven new Class A multifamily developments across Georgia, Idaho, Nevada, South Carolina, and Tennessee.
Thompson Thrift's National Development Platform
Thompson Thrift has invested more than $7.3 billion into local communities over the past 40 years and is involved in all aspects of development, construction, leasing, and management of real estate projects across the country. The firm ranks 15th on the 2026 National Multifamily Housing Council Top Developers list, with 3,245 units started in 2025, up from 2,659 units started in 2024. It also ranks 17th on the 2026 NMHC Top Builders list with the same unit count, reflecting its vertically integrated development model.
Across its multi-project fund platform, Thompson Thrift reports more than $6.3 billion in residential assets developed and more than 27,700 residential units delivered, with approximately $1.9 billion in equity deployed through its multi-project partnerships.
Securities for the Thompson Thrift 2025 Multifamily Development, LP are 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.