BOCA RATON, Fla.--(BUSINESS WIRE)--Waypoint Real Estate Investments completed nearly $740 million of total acquisitions and property sales in 2020. Waypoint acquired five operating properties, initiated the ground-up development of three conventional multifamily projects, and participated in its first preferred equity transaction – activity totaling nearly $440 million. During the same period, Waypoint sold seven properties with an aggregate value in excess of $300 million.
“I am pleased to say that while the pandemic had a major impact on the real estate industry, Waypoint’s deep experience acquiring, developing, and operating multifamily properties enabled us to capitalize on market conditions in the rental housing sector and continue to augment our portfolio,” said Waypoint CEO, Scott Lawlor.
In 2020, Waypoint acquired four operating properties located throughout Florida and one in Dallas, TX. Also acquired were two parcels in Port St. Lucie, FL, one of which is located within an Opportunity Zone, and a parcel in Augusta, GA for the development of Class A garden-style multifamily communities.
Leveraging the firm’s existing infrastructure and extensive industry relationships, 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, TX.
Among the properties divested in 2020 were a Waypoint-developed property in Sarasota, FL along with six other properties located in Georgia, Kentucky, North Carolina, and Tennessee.
“2020’s dispositions are representative of Waypoint’s focus on value creation through rental property development and hands-on asset management,” said Mr. Lawlor. “Going into 2021, we have a robust development pipeline and look forward to seeing that pipeline expand throughout the year.”
About Waypoint Real Estate Investments
Waypoint Real Estate Investments (“Waypoint”) is a vertically integrated real estate investment firm specializing in the rental housing sector. Founded in 2011 and with four offices nationwide, the firm 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.