CHARLOTTE, NC – Waypoint Residential, a vertically integrated real estate investment firm focused on the U.S. rental housing sector, announced that it bought 901 Place, a 576-bed, purpose-built student housing property that serves the University of North Carolina at Charlotte. Since entering the sector in 2016, Waypoint has bought a total student housing portfolio of nearly 7,000 beds across 14 properties.

“We are pleased to own and operate a substantial number of quality student housing properties,” said Scott Lawlor, Chief Executive Officer of Waypoint Residential. “With strong fundamentals driving the sector, student housing will remain an vital component of our rental housing portfolio.”

901 Place is the fifth property bought by Waypoint as part of a $102 million five-property student housing portfolio. The other properties in the portfolio were bought in May 2017 and include: Maverick Place, serving the University of Texas at Arlington; High View Place, serving the University of Texas at San Antonio; Rebel Place, serving the University of Nevada at Las Vegas; and Spring Place, serving the University of North Carolina at Greensboro. The closing for 901 Place occurred after balance of the portfolio to allow for the assumption of in-place financing.

Built in 2000, 901 Place is a garden-style gated community proximate to the UNC Charlotte campus. The property boasts a competitive array of amenities, including a clubhouse, computer lab, game room, swimming pool, fitness center and yoga studio, as well as sand volleyball, tennis and basketball courts. Waypoint plans to invest over $3 million in property upgrades across unit interiors, common areas and amenities.

“901 Place is an brilliant representation of Waypoint’s approach to its student housing business,” said Jeremy Pemberton, Chief Acquisition Officer of Waypoint Residential. “The property serves a university with a tremendous growth profile and is located in a state that we find attractive due to its positive macro fundamentals. Additionally, 901 Place represents an opportunity for us to bring to bear our real estate expertise and platform to add value through a meaningful repositioning and rebranding program.”

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SOUTHLAKE, TX – Napali Capital announced the acquisition of Westwood Apartments in Dallas. The 187-unit property is located southwest of the city and just minutes from downtown. This acquisition brings the company’s current portfolio total to eight properties, with three of these located in the DFW metroplex.

Westwood Apartments was built in 1969 and consists of 187 one, two, and three-bedroom units divided among 15 buildings. It is situated adjacent to Briar Gate Park and is near schools, Fiesta Supermarket, and many other retail and dining establishments. The well loved Bishops Arts District is also just five miles away, offering residents additional dining and entertainment options.

Napali Capital plans to immediately rebrand Westwood Apartments and invest more than $400,000 for property upgrades and amenity improvements over the next 12 months. The company will retain Place 10 Residential to continue daily onsite management.  

“DFW continues to present a wealth of opportunity for our company and investors,” said Napali Capital co-founder and Managing Partner, Thomas Black, M.D. “This area in particular is positioned for impressive growth over the next several years, and we are excited to be part of it.”

The area surrounding Westwood Apartments is poised for massive growth. Dallas’ GrowSouth Strategy aims to jumpstart local growth of that will to continue throughout the next several years through added infrastructure and capital improvements to bring businesses, additional public transportation and an increased demand for housing the area. Directly south of the apartments is the RedBird area, which also is experiencing revitalization through redevelopment. 

This buy aligns with Napali Capital’s strategy to buy properties in areas with a strong economic base, low unemployment and job growth. In addition to Texas, Napali Capital currently owns properties in Georgia and plans to enter the Charlotte, North Carolina, market later this month.

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