Waypoint Residential Expands Development Pipeline
The company has six multifamily properties totaling more than $325 million in development or leasing stages—including two new brands—in the Northeast and West.
Waypoint Residential has been expanding into the Northeast and Western United States with six rental housing developments totaling more than $325 million. The projects—several of which have begun leasing—include multifamily communities under the company’s two new brands, Walcott and Volaris.
While both brands are designed to offer luxury living with high-end finishes and amenities, the Walcott concept is aimed at urban areas including current projects in Denver, Colo.; Hackensack, N.J.; and Jeffersonville, Ind. The first two Volaris properties, which cater to suburban communities, are located in Tampa and Sarasota, Fla.
“These projects illustrate the breadth and depth of Waypoint’s approach to conventional multifamily development in urban and arterially connected suburban markets around the country,” Eric Hade, Chief Development officer at Waypoint, said in a prepared statement. “We see continuing opportunities to pursue great sites in a wide range of primary, secondary and tertiary cities with diverse economies, vibrant populations and attractive quality of life attributes.”
Waypoint Residential’s investment activity since its inception in 2011 exceeds $3 billion across more than 22,000 units of rental housing across the U.S.
Recent developments include:
- The Walcott Denver, a 122-unit community located in the city’s Jefferson Park neighborhood that is within walking distance of restaurants, shops, nightlife and an RTD rail station. The property, which is scheduled for completion in 2020, also provides convenient access to downtown Denver, and Interstates 70 and 25.
- The Walcott Hackensack, a 235- unit development that broke ground in December and is slated for completion in 2020. Located in an urban infill site, the transit-oriented property is a short walk to a New Jersey Transit rail station and bus stop with service to Manhattan.
- The Walcott Jeffersonville, a 214-unit community in the Old Jeffersonville Historic District opportunity zone is directly across the Ohio River from Louisville, Ky., for employment, recreation and entertainment options. The project is expected to be completed in mid-2020.
- Volaris Live Oak in Sarasota is Waypoint’s second property in the area. The 300-unit project has six four-story elevator buildings with a clubhouse, fitness center and other amenities. Leasing began in January for the property that is about five miles east of downtown Sarasota and near the 880,000-square-foot University Town Center Mall.
- Volaris Starkey Ranch in Tampa is a 384-unit apartment community with two-, three- and four-story buildings as well as a large clubhouse, fitness center and resort-style pool. The only rental development in the Starkey Ranch master-planned community, leasing began in January.
- Estraya Georgetown is a 270-unit, Class A apartment community with a clubhouse, resort-style pool on more than 15 acres in Georgetown, Texas. Located about 25 miles north of downtown Austin, Texas, it is situated on a former horse ranch on one of the highest bluffs in Georgetown and overlooks Southwester University. Preleasing is expected to being in mid-2019.
Acquisition, Development Deals
Waypoint Residential has been acquiring multifamily communities in recent months. In December, the company purchased a 512-unit portfolio comprising the 304-unit Riverside Apartments in metro Tampa and the 208-unit Harbor Cove Apartments in Gainesville, Fla. Both communities are located near major employers including universities and colleges and offer a wide list of amenities, including swimming pools, clubhouses, playgrounds and fitness or business centers.
In October, Waypoint Residential received a $34.6 million construction loan from SunTrust Bank to begin developing Volaris West Kernan, a 301-unit multifamily community in Jacksonville, Fla. Plans call for 17 two- and three-story buildings with a mix of one- to three-bedroom apartments. Amenities will include a clubhouse, fitness center, game room and dog park. The project marks the launch of the Volaris brand in the North Florida market.
Rendering courtesy of Waypoint Residential