Jacksonville, Fla. – Waypoint Residential, a vertically-integrated conventional multifamily developer, owner and operator announced the acquisition of a 69-acre parcel of land in Jacksonville, Florida on May 31, 2022. The site is planned to be developed as a Class-A garden-style multifamily project.
“Submarkets in Florida are seeing consistent growth and activity for assets near to retail centers. Projects that provide residents with access to major thoroughfares and other city centers are in high demand.” said Scott Lawlor, CEO of Waypoint and Waypoint General Partner.
The three-story multifamily project located in the St. Augustine submarket of Jacksonville is designed to include 250 units and an array of market-leading amenities. The project is within driving distance to the central business district, Interstate 95 and local beaches as part of the St. John’s Marketplace master planned development. The community is expected to benefit from one million square feet of planned commercial, single-family and hotel development.
Waypoint anticipates beginning construction in Q3 2022, delivering units in Q3 2023 and completing construction in Q1 2024. The Jacksonville MSA represents a high-growth market in the state of Florida that experienced a 22% increase in rental rates and a 21% increase in population since 2010, per Oxford Economics data.
About Waypoint Residential
Waypoint Residential is a vertically-integrated developer, owner and operator of Class A market-rate multifamily communities, primarily focused on high-growth markets in the Sunbelt region of the United States. Waypoint was established in 2011 by Scott Lawlor, Founder and CEO, to identify, acquire, develop and operate multifamily communities that offer value to residents and compelling risk-adjusted returns to its investors. Waypoint is headquartered in Boca Raton, FL with regional offices in Atlanta and Dallas. Since its founding, Waypoint has developed, acquired and operated over 31,000 housing units across more than 140 properties, representing over $5.9 billion of real estate value. Waypoint has managed investments on behalf of a diverse base of more than 2,100 investors, including high-net-worth individuals, family offices and institutions.
Construct America Magazine | The Home of Construction Industry News