Waypoint Updates New Developments on More Than $325M in New Projects
Waypoint says the six projects involve more than $325 million in new investment.
BOCA RATON, FL—Locally-based Waypoint Residential, LLC reports it recently initiated development on six new projects in New Jersey, Colorado, Indiana, Florida and Texas.
Waypoint says the six projects involve more than $325 million in new investment. The company also reports the launch of 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 and the current projects include developments in Denver, Hackensack, NJ and Jeffersonville, IN.
Tampa and Sarasota, FL are the locations for the first Volaris projects, which are designed to cater to suburban communities.
“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,” says Eric Hade, chief development officer at Waypoint Residential. “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.”
The six new projects include The Walcott Denver, a 122-unit multifamily project located in the Jefferson Park neighborhood. Waypoint broke ground on the project in October 2018 and expects to complete construction in 2020.
The Walcott Hackensack, a 235-unit multifamily development in Hackensack, NJ broke ground in early December 2018 and is slated for completion in 2020. 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, IN and is located in the Old Jeffersonville Historic District opportunity zone on the Indiana side of the Ohio River immediately across from Louisville. 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 six, 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 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.
In addition, the firm provided an update on its Estraya Georgetown development—a 270-unit, Class A apartment community in Georgetown, TX, approximately 25 miles north of Downtown Austin. The Estraya Georgetown is 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 for the project took place in December 2017. Pre-leasing is expected to begin in mid-2019.
The firm had a pretty active month of December (2018), acquiring a 512-unit multifamily portfolio in Florida consisting of the Riverside Apartments in metro Tampa and Harbor Cove Apartments in Gainesville. Riverside consists of 304 units, while Harbor Cove offers 208 units. Also in December, Waypoint acquired Waterstone at Hamburg, a new 264-unit Class A apartment community in Lexington, KY,