Invictus Lands $107M Loan for Connecticut Community

The Waypoint. Image via Google Street View

Invictus Real Estate Partners has secured $107.2 million in acquisition financing for its purchase of The Waypointe, a 464-unit apartment community in Norwalk, Conn. The owner, represented in the transaction by JLL Capital Markets, secured the loan through Freddie Mac.

According to Yardi Matrix data, the seller was Carmel Partners, a multifamily investment firm headquartered in San Francisco.

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The Waypointe is located in the heart of Norwalk, about 45 miles north of Manhattan. The property is not far from the Metro-North commuter train stops at South and East Norwalk and close to Interstate 95.

Built in 2016, the community has a mix of one-, two- and three-bedroom units featuring high ceilings and large windows. Resident amenities at the property include two parking garages with 1,027 spaces, a fitness center and a heated saltwater pool. The building includes 56,000 square feet of ground-floor retail and restaurant space, 74 percent of which is currently occupied, according to JLL. The residential portion of the building is currently 93 percent occupied.

Invictus has been an investor in the development of the Waypointe since 2014. The acquisition of the property is part of the firm’s business plan to purchase institutional quality, transit-oriented multifamily properties in key growth markets, said Invictus Managing Principal Eric Scheffler in prepared remarks.

A JLL Capital Markets team of Scott Aiese, Peter Rotchford, Alex Staikos and Brendan Collins represented Invictus in the deal.

While the impact of the COVID-19 pandemic initially halted record high multifamily investment, trading and development have restarted and capital is available, thanks to Fannie Mae and Freddie Mac, according to industry leaders.

“The pipeline of transaction activity is opening back up,” Nuveen’s James Martha told Multi-Housing News earlier this month during a roundtable discussion. “There’s a significant amount of capital. Some of it is still on the sidelines, but a lot of it is back in the market, and it’s very competitive.”