Waypoint Residential Nabs 4 Midwestern Properties
- Apr 16, 2018
Greenwich, Conn.-based real estate investment firm Waypoint Residential has expanded its Midwest presence with the acquisition of three conventional multifamily properties and one student housing property. Two of the properties are in suburban Chicago, and the others in Columbus, Ohio, and near the University of Kansas in Lawrence, Kan.
The acquisitions in the Midwest are part of a long-term Waypoint Residential strategy. “We started acquiring properties in the Southeast in very attractive markets that are still attractive markets, but it’s always been our strategy to expand,” Jeremy Pemberton, Waypoint Residential chief acquisition officer, told MHN. “We moved into the Midwest very methodically. The Midwest doesn’t have as many of the drivers as does the Southeast, where people are moving from cold to warm states. We went into the Midwest with a much more focused strategy.
“I have acquisition people who sit in an area, [and] who cover that area. We established our office in Chicago, to focus on Chicago and we targeted that market, which made it easy for us to understand Chicago-area transactions . . . The Midwest is different than the Southeast, where you can take a broader approach. In the Midwest you really need to point to specific areas you want to work on, and then work on completing transactions in those specific areas.”
Legacy at Poplar Creek is a 196-unit garden-style apartment community featuring one- and two-bedroom apartments in the northwest Chicago suburb of Schaumburg, Ill. Now renamed The Winds at Poplar Creek, it features 20 two-story buildings on 13 acres. Waypoint plans to make renovations to the exterior and common areas, and build a fitness center and dog park. Unit renovation work will concentrate on flooring, countertops, plumbing and lighting fixtures.
Two Itasca Place is a 70-unit, Class A mid-rise apartment community in Itasca, Ill., located a short distance southeast of Schaumburg. Built in 2012 as a condominium community, the property features large, 1,700-square foot floor plans and such upscale finishes as granite countertops, stainless steel appliances and hardwood and tile flooring.
The Attleigh is a newly built, Class A garden-style apartment community in the high-end Hilliard submarket of Columbus. The 184-unit community features amenities that include a clubhouse, fitness center, pool and garages.
Areas of growth
Rockland West is a purpose-built student housing property serving the University of Kansas. Amenities at the 500-bed garden-style community include a newly renovated clubhouse with a theater, gaming area, computer lab and study room.
“The Midwest frequently gets painted with a broad brush; however, the region offers many areas of growth and strong market fundamentals,” Pemberton said.
“While these acquisitions demonstrate our commitment to [the] Midwest, we have only just begun. We look forward to leveraging the momentum we have achieved thus far.”