By IvyLee Rosario
Waypoint Residential acquired a student housing community in Tallahassee, Fla., that it will convert into traditional apartments. Renovations of the 288-unit property will reconfigure existing floorplans into functional, conventional apartments to meet the need for affordable housing in Tallahassee.
“This acquisition brings to bear Waypoint Residential’s fully integrated platform and showcases our complete skill set,” said Scott Lawlor, chief executive officer of Waypoint Residential. “The ability to capitalize on this type of opportunity requires deep expertise in both student housing and multifamily investments, as our team was able to identify a supply and demand imbalance between the two sectors in the Tallahassee market. This investment speaks to our ability to approach residential investments from every perspective and demonstrates our strong acquisition and redevelopment capabilities.”
New interiors will feature stainless steel appliances, updated countertops, flooring, cabinetry, lighting and plumbing packages. Exterior upgrades will include landscaping, paint, roof replacement, pool-area updates and new signage. The community offers a variety of amenities including a fitness center, business center, movie theater, basketball court, computer lab, conference room, pool and sand volleyball court.
“The stability of the Tallahassee market results from the significant government employment base, substantial university presence and strong health care industry. These sectors have been fueling the city’s long-term steady growth and higher than national average employment rates,” said Eric Hade, chief investment officer of Waypoint. “Upon completion of the conversion, the property will offer one of the most exceptional value propositions in the Tallahassee market featuring significantly larger-than-average floorplans together with a best-in-class amenity package that includes one of the largest resort-style pools in the market.”
The property was originally built as a student housing community to serve multiple area universities including Florida State University, Tallahassee Community College and Florida A&M University, which are all located in Tallahassee.
Image courtesy of Waypoint Residential