Waypoint Grows Central Florida Presence With $67M Buy
- Feb 28, 2020
Waypoint Residential has acquired The Luminary at 95 in West Melbourne, Fla., from a local nonprofit for $67 million, according to Yardi Matrix data. The 300-unit, Class A community came online in late 2019. Walker & Dunlop originated $43.9 million in Fannie Mae acquisition financing for the buyer. The new owner will oversee property management responsibilities.
Located at 110 Sagecrest Circle, the asset is adjacent to Interstate 95 and within walking distance of CBL Properties’ 563,000-square-foot Hammock Landing shopping center. The property has one-, two- and three-bedroom apartments with floorplans ranging from 688 to 1,338 square feet. Common-area amenities at the 12 three-story buildings include a swimming pool, a car wash center, a playground and rentable storage units. Yardi Matrix data shows the property was 93.9 percent occupied as of January.
Waypoint’s multifamily portfolio spans more than 27,000 units in 23 states. In December, the investor and developer sold a 356-unit garden-style community in Tampa, Fla., for $37 million, or $104,000 per unit.