Leasing has begun at The Walcott Hackensack, a 235-unit, Class A multifamily property in Hackensack, N.J., developed by Waypoint Residential and managed by Greystar.
Located at 435 Main St., the six-story building was designed by Feinberg & Associates architecture firm, and features an exterior mix of brick and modern metal panels and double-floor lobby windows. Interior designs were provided the firm APT. Units will range from studios with 418 square feet to two-bedroom units with more than 1,500 square feet.
Waypoint, a real estate investment firm specializing in rental housing with offices in Atlanta, Dallas and Boca Raton, Fla., broke ground on the property in late 2018 as part of an expansion into the Northeast and Western United States. At that time, The Walcott Hackensack was one of six multifamily developments totaling more than $325 million that Waypoint had in development under two new luxury brands—Walcott and Volaris.
Located in an urban infill site and within a Qualified Opportunity Zone, The Walcott Hackensack is a transit-oriented property that is close to the New Jersey Transit rail station and a bus stop with service to Manhattan. Waypoint received a $52.2 million construction loan from Citizens Financial Group in August 2018, according to Yardi Matrix data.
Melisa Marinaro, senior community manager, said in a prepared statement the Hackensack neighborhood is expanding with new communities like The Walcott Hackensack, new businesses and new developments. To stand out among the competition, Marinaro said the Waypoint team has put together a first-class amenity package and interesting interior design. A wall art display featuring Hackensack’s history is among the interior design features.
Amenities include firepits and grilling stations in a private landscaped courtyard with a swimming pool. Residents can also use a modern sports simulator, onsite game area, children’s playroom, state-of-the-art fitness center and yoga studio. The 1.7-acre property includes a media room, speakeasy and private workspaces in a business center. All units have washers and dryers.
Waypoint acquires, develops and finances multifamily properties throughout the Sunbelt. Founded in 2011, Waypoint has invested approximately $4.6 billion across more than 29,000 multifamily units. In August, Waypoint, through a subsidiary, acquired the 79-unit Vickers Historic Roswell, a Class A multifamily property in the entertainment hub of Roswell, Ga., an Atlanta suburb.
Several months earlier in April, Waypoint sold Volaris West Kernan, a 301-unit, Class A garden-style community in Jacksonville, Fla., to RSE Capital Partners for $66.3 million. The firm also acquired land for the development of five multifamily projects in Florida and Texas that will total more than 1,350 units with a total capitalization surpassing $240 million. The Florida properties will be located in Gainesville, Orlando, Stuart and Palm Bay and the Texas project will be in suburban San Antonio.