Waypoint Residential Acquires Land for $240M in Multifamily Projects in Florida, Texas
FLORIDA AND TEXAS — Waypoint Residential LLC, through several subsidiaries, has acquired land for the development of five multifamily projects in Florida and Texas. All told, the Class A, garden-style developments will comprise more than 1,350 units with a total capitalization surpassing $240 million.
Four of the projects will be located in Florida, within the markets of Gainesville, Orlando, Stuart and Palm Bay. The Texas project will be located in suburban San Antonio.
In Gainesville, Waypoint plans to build a 235-unit property on SW 20th Avenue. The community will be near several retail and entertainment options and seven miles from the University of Florida.
Waypoint is planning a 312-unit community along Lake Wilson, about 25 miles south of downtown Orlando. The project will offer convenient access to Interstate 4, Highway 27 and Ronald Regan Parkway.
The Stuart project, located directly off US-1, will feature 270 units. Stuart is located on the Atlantic Coast approximately midway between Miami and Orlando.
The Palm Bay project will comprise 252 units. Palm Bay is situated within Florida’s “Space Coast” and near employers such as L3 Harris, Northrop Grumman, Lockheed Martin and Health First.
The Texas development will be located in Boerne, about 30 miles north of San Antonio. The 288-unit community will sit on a 15.5-acre parcel within the larger 70-acre development known as The Commons at Menger Creek. This project will offer an affordable housing component.
Construction is expected to begin in the second and third quarters of 2021 with completions estimated between fourth-quarter 2022 and second-quarter 2023. Waypoint currently has financing in place for some of the projects and is finalizing the rest.
Waypoint acquires, develops, operates and finances multifamily rental properties throughout the country with a focus on the Sunbelt region. The company’s investment activity exceeds $4.5 billion across more than 28,000 units.
— Kristin Hiller