Press Release —
Waypoint Residential Acquires Lockerbie Lofts in Indianapolis
Waypoint Residential, LLC, a vertically integrated real estate investment firm focused on the U.S. rental housing sector, announced that it has acquired Lockerbie Lofts, a 215-unit Class A apartment community in downtown Indianapolis.
“Lockerbie Lofts is an excellent addition to our diversified portfolio of conventional multifamily, student housing and senior housing properties,” said Scott Lawlor, Chief Executive Officer, Waypoint Residential. “This acquisition demonstrates Waypoint’s ability to capitalize on compelling investments in core and suburban locations.”
Lockerbie Lofts is a mid-rise building located in the popular Lockerbie Square Historic District, which is less than one mile from Indianapolis’ central business district. The community is within walking distance of more than 60 restaurants, bars and retailers in the Massachusetts Avenue Entertainment District and near The Bottleworks District redevelopment project, which will include a hotel, movie theatres, office space, retail and housing.
Completed in 2016, units in Lockerbie Lofts feature market-leading amenities such as granite countertops, stainless steel appliances and in-unit washers / dryers. Community amenities include a resort-style pool, underground parking garage, 24-hour fitness center, dog park and outdoor grilling area.
Indianapolis has experienced steady population growth that exceeds the national average and is projected to grow by more than 5% by year-end 2020. Employment in the area has expanded by 20% since 2010 compared with 14% nationally.
“Indianapolis is a thriving market with strong fundamentals that is a good fit with our existing acquisitions and development activity in the Midwest,” said Jeremy Pemberton, Chief Acquisition Officer. “We will continue to pursue appealing opportunities in the area and the region.”
Dan Price, Senior Vice President leads Waypoint’s acquisition efforts in the Midwest. Mr. Price was responsible for sourcing and securing this property.