BOCA RATON, Fla.--(BUSINESS WIRE)--Waypoint Residential, a vertically integrated real estate investment firm focused on the U.S. rental housing sector, announced that it has acquired The Claiborne at Adelaide, an 82-unit senior living facility located in Starkville, Mississippi.
This acquisition is Waypoint’s second investment in the senior housing sector. The company invested in a 107-unit senior housing development project earlier in the year. Juan Dominguez, Managing Director, oversees Waypoint’s senior housing acquisition activities.
“This transaction is our first acquisition of existing senior housing product and demonstrates our continued commitment to the sector,” said Scott Lawlor, Chief Executive Officer of Waypoint Residential. “With strong fundamentals driving the sector, we expect that senior housing will play an important role in Waypoint’s overall strategy to acquire and develop a diverse range of rental housing properties across the United States.”
Built in 2015, Adelaide is the newest and most amenitized senior living facility in Starkville, Mississippi, which is home to Mississippi State University. It is the only facility of this type in Starkville that provides multiple levels of care for residents, including independent living, assisted living and memory care. The property offers residents on-site physical therapy, beautician services and a shuttle service to offsite activities and appointments.
“Mississippi State University is an important demand driver and growth engine for the area. The Claiborne at Adelaide’s setting in this vibrant college town makes it especially attractive to residents, as graduates and faculty often retire in Starkville to maintain their connection to the university,” said Jeremy Pemberton, Chief Acquisition Officer. “Our in-depth student housing expertise uniquely enabled us to analyze Starkville’s market dynamics and the synergies created by the university’s presence, which was a significant factor in our decision to invest in a smaller market.”
About Waypoint Residential
Waypoint Residential, LLC (“Waypoint”) is a vertically integrated real estate investment firm specializing in rental housing. With six offices nationwide, the company acquires and develops conventional multifamily, student housing and senior housing properties throughout the United States. Founded in 2011, Waypoint’s real estate investment activity totals approximately $2.8 billion across more than 21,000 units.