BOCA RATON, FL – Waypoint Residential announced that it has bought The Social at Auburn, an 844-bed, purpose-built student housing property serving Auburn University in Alabama. The firm also bought Rockland West, a purpose-built student housing property with 500 beds that serves the University of Kansas at Lawrence.

These transactions cap an active year in the sector in which the company added nine properties and 4,788 beds to its portfolio in four separate transactions.

Waypoint entered the student housing space in 2016 and has grown its portfolio to nearly 6,000 beds with a total capitalization of approximately $400 million.

“Student housing is an vital component of our overall strategy of assembling a diverse range of real estate investments that span the rental housing spectrum,” said Scott Lawlor, Chief Executive Office of Waypoint Residential. “Student housing has historically performed well through various economic climates, which is well-aligned with our conservative real estate investment philosophy.”

The Social at Auburn is a garden-style community with a full range of desirable amenities and is located 1.5 miles from the Auburn campus and is served by the university’s bus system. Over the next two years, the property will undergo a comprehensive repositioning, including a complete rebranding of the property. Waypoint plans to invest approximately $3.7 million to substantially renovate the unit interiors and improve the exterior and common areas.

“The Social at Auburn represents an opportunity to buy a quality asset where we can leverage our comprehensive expertise and platform to increase the asset’s value,” said Jeremy Pemberton, Chief Acquisition Officer, Waypoint Residential. “This acquisition possesses the key attributes that we typically seek in a student housing property. The university has a substantial growth profile and is located in a tier-one market with an established purpose-built student housing presence.”

Rockland West is a garden-style community built in 2009 that features a newly renovated fitness center and clubhouse with a theater, gaming area, computer lab and fitness center. While a university shuttle bus provides residents with direct access to the campus, the property is also served by a private property shuttle. Waypoint intends to invest approximately $1 million to address deferred maintenance and complete the amenity and unit upgrade program that was initiated by the prior owner.

“Student housing has become more mainstream, and strong fundamentals are driving its strong performance,” said Jeremy Pemberton. “More students than ever are pursuing higher education, driven by the recognition of the long-term value of a college education. This demand coupled with a shortage of on and off-campus housing and high barriers to entry support strong rent growth and high occupancy over the long term.”

During 2017, Waypoint also bought a three-property, 1,382-bed portfolio from Starwood Capital Group for approximately $75 million. Serving top-tier universities with strong projected enrollment growth, the portfolio includes:

Chapel Ridge − a 544-bed, garden style, student housing property serving the University of North Carolina at Chapel Hill (UNC). Chapel Ridge is one of only seven purpose-built properties at UNC, all of which are located in an area with limited sites available for new development and a history of restrictive zoning for multifamily properties.

Chapel View − a 358-bed, garden style, student housing community adjacent to Chapel Ridge. The property is served by three bus lines that provide direct access to the campus and surrounding area.

Together, Chapel Ridge and Chapel View account for nearly 40% of the purpose-built student housing properties currently available at UNC Chapel Hill. UNC is the flagship of the University of North Carolina system and was ranked the country’s 5th best public university in 2017. Additionally, UNC benefits from one of the most recognizable athletics program in college sports.

Lodge of Athens − a 480-bed, garden style, student housing community serving the University of Georgia. The flagship of the University of Georgia system, the school was ranked as one of the 20 best public universities in 2017. Situated less than a mile from campus, the property offers a desirable amenity package and a private shuttle to the campus. Annual enrollment growth at the university through 2020 is projected to nearly double the growth rate of the past decade.

“We expect that student housing may increasingly become a larger part of our overall portfolio,” said Pemberton. “We look forward to expanding our presence in the sector as we actively pursue acquisition opportunities serving top universities with strong projected enrollment growth and where Waypoint’s extensive rental housing expertise can add value.”

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NEWNAN, GA – Ground has been broken on a luxury apartment development, the first phase of a 123-acre mixed-use development weaving together public greenspace and walking trails with offices, shopping, restaurants, apartments and townhomes at the intersection of Newnan Crossing Boulevard East and Lower Fayetteville Road in Newnan, Ga. 

The 298-unit multi-family project will have a mix of three-tale apartment buildings, “Huge House” units and for-rent townhomes on approximately 24.3 acres. The gated community will include a leasing center, business center, clubroom, fitness center, pool, outdoor grilling, bocce ball court, community garden, bike storage and a dog park. 

 “We are thrilled to be underway on our next fantastic town center project with Newnan Crossing,” said Jim Borders, President and CEO, Novare Group. “We have place together an experienced team to deliver a community that will lead the market and be unlike anything in the area. With all of the momentum around this region and with this centrally-located site, this is an exciting place to be right now.” 

The 123-acre mixed-use master development, called Village Square at Newnan Crossing, will be a walkable, interconnected community with a mix of retail, office, restaurant and residential space anchored by a 10-acre park and a community plaza for the city of Newnan. The LINC, a city-approved 25.5 mile multi-use pedestrian pathway connecting the entertainment and commerce hubs, will run directly through the project and will be adjacent to the apartment community. 

Unique to the mixed-use development will be 12 rental townhomes fronting the community plaza; 94 “Huge House” style-units, half of which include a garage with direct access to the units; and 204 traditional garden-style apartment homes. The studios, one-, two and three bedroom units will all feature condominium-style, high-end finishes such as stainless steel appliances, granite counter tops, designer-style cabinetry and hardwood-style plank flooring.

“We are extremely excited about the development project and our partnership with Novare, a skilled and experienced developer of multifamily properties” said Leo Peicher, a PointOne Holdings Development managing member. “This project provides us the opportunity to grow our multifamily portfolio, and it aligns with PointOne’s strategy to focus on owning and operating newer, high-quality properties in strong suburban submarkets with limited new-starts, excellent schools and strong centers of employment.”

Humpreys Partners & Associates is the architect and Kimley-Horn & Associates is the civil engineer and the landscape architect.

The location offers direct access to the interstate corridor as well as convenient access to approximately 1.7 million square feet of grocery, retail and dining and entertainment space including two marquee shopping centers; the Forum at Ashley Park and the Newnan Pavilion. 

Industrial development along the I-85 corridor has driven much of the growth in the region, which is home to manufacturing and distribution facilities for divisions of Yamaha, PetSmart, Niagara and Cargill. Adding to that momentum is the health care industry, including the 360,000 square foot Piedmont Newnan Hospital and Cancer Treatment Centers of America. The film industry may be the most exciting opportunity in the area, as downtown Newnan’s historic charm and appeal have made it a well loved destination for Hollywood productions. 

Newnan is also in close proximity to the economic core of the Southeast, the international business hub of Atlanta, which ranks tenth in US GDP and top 5 in Fortune 500 headquarters. Further contributing to the job growth and economic prosperity, the city has seen the relocation of US headquarters for Mercedes Benz and Porsche as well as the development of large employment centers for both State Farm and Google.

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SIOUX FALLS, SD – Real Estate Equities Development announced plans for its newest Village Cooperative community, which will be the first owner-occupied senior housing cooperative in Sioux Falls, SD. Senior cooperative housing communities originally started in Minnesota in the 1970s and have had a successful track record with over 120 communities, primarily in the Midwest. Real Estate Equities Development, LLC in Eagan, MN is the developer for the Village Cooperative and now has 32 Village Cooperative communities that are either operating, under construction, or scheduled for construction in the next year and can be found in seven different states.

“Our company started developing Village Cooperative communities in 2003 because we saw the demand for this type of dynamic lifestyle. Cooperatives give active adults and retirees an brilliant home ownership option with a hassle-free lifestyle—all at a fantastic value,” said Keith Jans, President of Real Estate Equities Development, LLC.

Details for the Village Cooperative in Sioux Falls will be unveiled at upcoming public informational seminars that start on March 22nd. They will be held as an opportunity for the public to learn more about how maintenance-free cooperative living works, the community and lifestyle, its Sioux Falls location, the financial benefits as well as a background on cooperative housing and why it has been so well loved. Reservations will be accepted and priority numbers given as an vital step to secure a home in the new cooperative.

The multi-tale Village Cooperative building will feature perfectly decorated community areas including a community room with kitchen, guest suite for friends and families, club room, reading areas, raised outdoor gardening beds, workshop, fitness center, internal storage area and underground heated parking with a car wash bay. Because the building is 100% owner-occupied, priority number holders will have the opportunity to choose from a wide variety of spacious homes that range from approximately 900 sq. ft. to 1,600 sq. ft. of single-level living space. Options vary from one bedroom and one bathroom plans up to 2 bedroom and 2 bathroom plans with a den. Each home is completely maintenance-free and has its own private laundry room, storage area and balcony. Fully-equipped kitchens include spacious, open floor plans with kitchen islands, rollout shelving in the base cabinets and a choice of cabinetry and countertops to suit each member’s personal style. 

The cooperative will also use a Member Services Manager as well as offer courtesy services. As a cooperative, the members control all aspects of ownership. There is no other senior cooperative in the area that offers the convenience and simple lifestyle available at the Village Cooperative.

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