Waypoint Acquires 288-Unit Student Housing
- Jul 20, 2017
Waypoint Residential continues its round of student housing purchases with the addition of a 288-unit community located in Tallahassee, Fla. This time, the company plans to redevelop the property from student housing to conventional apartments.
Waypoint’s renovation plan
Located near various retail and transportation options, the redevelopment includes amenities such as a fitness center, a computer lab, business center, conference room, movie theater, swimming pool, a full-size basketball court and a sand volleyball court.
Waypoint’s extensive renovation plan will include upgrades to the unit interiors such as new stainless steel appliances, upgraded countertops, flooring, cabinetry and lightning, and plumbing packages. Exterior improvements will include landscaping, paint, roof replacement, new signage and pool area updates.
“This acquisition brings to bear Waypoint Residential’s fully integrated platform and showcases our complete skill set,” Scott Lawlor, CEO of Waypoint Residential, said in a statement. “The ability to capitalize on this type of opportunity requires deep expertise in both student housing and multifamily investments, as our team was able to identify a supply and demand imbalance between the two sectors in the Tallahassee market. This investment speaks to our ability to approach residential investments from every perspective and demonstrates our strong acquisition and redevelopment capabilities.”
Image courtesy of Waypoint Residential