Waypoint Residential Snaps Up 276-Unit Community in Oklahoma City
- Jul 26, 2016
Oklahoma City—Waypoint Residential extended its portfolio with 276-unit multifamily community located in a northwestern Oklahoma City suburb. The Residence at North Penn comprises one-, two- and three-bedroom apartments, all larger than standard.
The new owners plan to transform the community into a Class A asset. “We plan to improve the property via significant capital investment, enhanced amenities, and more proactive management. After these upgrades we believe the asset will be one of the best Class A properties in its submarket, with a competitive value proposition,” Eric Hade, CIO at Waypoint Residential, said in a prepared statement.
Common amenities include two swimming pools, fitness center, clubhouse, covered parking, controlled access and a business center, according to Yardi Matrix. The residential report shows that the average monthly rent rate for the community is $943, a slight increase compared to last year, but a decrease in contrast to the figures in 2014. The occupancy rate is 93.5 percent, as illustrated by the same research.
The Residence at North Penn is located at 14520 N. Pennsylvania Ave., in the Edmond Independent School district, about 10 miles north of downtown Oklahoma City. The community is conveniently situated near two of the area’s largest employers and less than one mile of the Memorial Road – John Kilpatrick Turnpike intersection. The property also offers easy access to several stores and restaurants.
Founded in 2011, Waypoint Residential focuses on attractive current rates of return and longer term appreciation through targeted, value-add opportunities in select metropolitan areas of the Sunbelt and Midwestern regions of the United States. Currently, Waypoint’s investment pipeline counts approximately 54 transactions worth more than $1.6 billion.
Image courtesy of Yardi Matrix