Press Release —
Waypoint Residential Commences 6 New Developments Totaling More Than $325 Million
Waypoint Residential, LLC, a vertically integrated real estate investment firm focused on the U.S. rental housing sector, announced development on six projects for a total investment of more than $325 million. These investments include expanding into the Northeastern and Western United States with projects in Hackensack, New Jersey and Denver, Colorado.
Waypoint also launched its new Walcott and Volaris brands. Both Walcott and Volaris properties are designed to offer luxury multifamily living with high-end finishes and amenities. Walcott is designed for urban areas, current projects include Denver, CO, Hackensack, NJ and Jeffersonville, IN. Tampa and Sarasota, FL are the locations for the first Volaris projects, which cater to suburban communities.
Recent Waypoint developments include:
- The Walcott Denver, a 122-unit multifamily project in Denver, CO. Located in the popular Jefferson Park neighborhood, Waypoint broke ground on the project in October 2018 and expects to complete construction in 2020. The property is designed to offer high-end amenities within walking distance to restaurants, boutiques, nightlife and an RTD rail station, as well as convenient automobile access to downtown Denver, Interstate 70 and Interstate 25.
- The Walcott Hackensack, a 235-unit multifamily development in Hackensack, NJ that broke ground in early December 2018 and is slated for completion in 2020. Located on a highly desirable core urban infill site in Hackensack’s rapidly revitalizing downtown, The Walcott Hackensack is a luxury, transit-oriented development just blocks away from a New Jersey transit station and a bus stop with service to Manhattan.
- The Walcott Jeffersonville, a 214-unit apartment community in Jeffersonville, Indiana’s Old Jeffersonville Historic District opportunity zone on the Indiana side of the Ohio River immediately across from Louisville. In addition to market-leading finishes and luxury amenities, the Walcott Jeffersonville is well located in the center of a revitalizing downtown and will provide easy access to Louisville’s employment, recreation and entertainment options. Construction is targeted for completion in mid-2020.
- Volaris Live Oak in Sarasota, FL, which is Waypoint’s second property in the area, is a 300-unit project consisting of 6 four-story luxury, elevator buildings centered around a clubhouse, fitness center and other amenities. Construction began in November 2017, and leasing commenced in January 2019. Volaris Live Oak is located approximately five miles east of downtown Sarasota, near the 880,000 square-foot University Town Center Mall.
- Volaris Starkey Ranch in Tampa, FL is a 384-unit “traditional neighborhood development” style apartment project with a combination of two-, three- and four-story buildings, as well as a large clubhouse, fitness center and resort-style pool. Volaris Starkey Ranch is the only rental project in the Starkey Ranch master-planned community. Construction began in November 2017, and leasing commenced in January 2019.
- Estraya Georgetown, a 270-unit, Class A apartment community with a grand clubhouse and a resort-style pool on more than 15 acres in Georgetown, TX, approximately 25 miles north of downtown Austin. The Estraya Georgetown is prominently situated on the site of a former horse ranch at the top of one of the highest bluffs in Georgetown overlooking Southwestern University. The groundbreaking took place in December 2017. Pre-leasing is expected to begin in mid-2019.
“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,” said Eric Hade, Chief Development Officer. “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.”