Waypoint Residential Expands Student Housing Portfolio
The 576-bed property serves students attending the University of North Carolina at Charlotte. The new owner is set to upgrade the units, common areas and amenities.
Waypoint Residential has acquired 901 Place, a 158-unit student housing community in Charlotte, N.C. The transaction marks the fifth asset purchased by the company as part of a $102 million five-property student housing portfolio. According to Yardi Matrix data, Waypoint paid $17.6 million for the property.
Located at 901 Forty Niner Ave., close to interstates 485 and 85, the garden-style community serves students at the University of North Carolina at Charlotte. Additionally, residents are close to various shopping, dining and restaurants venues along the University City Boulevard.
Built in 2000, the 576-bed property consists of 12 three- and four-story buildings. 901 Place offers two- and four-bedroom units ranging from 903 to 1,379 square feet and includes in-unit amenities such as dishwasher, furnished living room, kitchen, refrigerator with ice maker and private bathroom. Common-area amenities include:
- business center
- fitness center
- study lounge with private study kiosks
- game lounge with foosball and ping pong
- swimming pool
- sand volleyball court
- stand up tanning salon
- tennis court
- basketball court
Additionally, the community offers a free shuttle to the university. Waypoint plans to invest $3 million in upgrading the units, common areas and amenities. Back in April, the company acquired four multifamily properties, including a 500-bed garden-style student housing community.
“With strong fundamentals driving the sector, student housing will remain an important component of our rental housing portfolio,” Scott Lawlor, CEO of Waypoint Residential, said in a prepared statement.
Image courtesy of Yardi Matrix