Waypoint Launches Student Housing Affiliate, Purchases Four-Property Portfolio for $102M
STAMFORD, CONN. — Waypoint Residential, a multifamily real estate investment firm, has officially launched its student housing affiliate, Waypoint Campus Housing LLC. The launch was marked by the new company’s acquisition of a four-property student housing portfolio for $102 million.
The seller of the properties, which total 2,638 beds, was Chicago-based investment firm Blue Vista Capital Management.
The properties in the portfolio include High View Place near the University of Texas at San Antonio; Maverick Place near the University of Texas at Arlington; Rebel Place near the University of Nevada at Las Vegas; and Spring Place near the University of North Carolina at Greensboro. A fifth property was not disclosed because the transaction has not yet officially closed.
“We are excited to officially expand our platform to include student housing as one of our key strategies within our core business, which focuses exclusively on the rental housing sector,” says Scott Lawlor, CEO of Waypoint Residential. “The addition of student housing aligns with our overall strategy to diversify our product offerings within the rental housing market, and we believe it provides terrific risk-adjusted opportunities.”
Jeremy Pemberton will lead Waypoint Campus Housing as CEO. Pemberton was previously focused on acquisitions and sourcing capital for Waypoint Residential. The full Waypoint Campus Housing team will be announced at a later date.
“The student housing sector continues to demonstrate strong fundamentals, notably enrollment growth and continued strong occupancy,” says Pemberton. “As a result, student housing has matured into a more discernable asset class with an ever-growing investor demand.”
Waypoint plans to invest in upgrades to the interiors, exteriors and common areas at all the properties.
Stamford-based Waypoint entered the student housing sector in 2016 when it purchased three properties totaling 1,122 beds for $58.3 million. With the completion of all five assets in this acquisition, Waypoint will have acquired 3,760 student housing beds for approximately $160 million.
— Jeff Shaw