Waypoint Real Estate Investments, a real estate investment firm specializing in the rental housing sector, reported nearly $740 million of total acquisitions and property sales in 2020.
Waypoint purchased five operating properties, initiated the ground-up development of three multifamily projects, and participated in its first preferred equity transaction – activity totaling nearly $440 million. During the same period, the company sold seven properties with a total value in excess of $300 million.
During the year, Waypoint purchased four operating properties located throughout Florida and one in Dallas. Also acquired were two parcels in Port St. Lucie, Florida, one of which is located within an opportunity zone, and a parcel in Augusta, Georgia for the development of Class A multifamily communities.
As reported by The DI Wire, Waypoint launched its preferred equity program at the end of 2020. The first preferred equity transaction closed in December and provided capital for the horizontal and vertical development of the final 149 acres of mixed-used land within a transit-oriented, master-planned development in Fort Worth.
Among the properties divested in 2020 were a Waypoint-developed property in Sarasota, Florida along with six other properties located in Georgia, Kentucky, North Carolina, and Tennessee.
“Going into 2021, we have a robust development pipeline and look forward to seeing that pipeline expand throughout the year,” said Scott Lawlor, Waypoint’s chief executive officer.
Founded in 2011 and with four offices nationwide, Waypoint acquires, develops, operates, and finances multifamily rental properties throughout the United States, focusing on the Sunbelt region. Waypoint’s real estate activities exceed $4 billion across more than 28,000 units.