JLL Capital Markets announced today that it has closed the sale of Barrington Place and Waterlynn Ridge, Class A multi-housing communities totaling 660 units in the Charlotte, North Carolina MSA.
JLL marketed the property on behalf of the seller, Waypoint Residential, and procured the buyer, Greystar.
Nationally, the apartment market is 94-95% occupied— fundamentals that make our CEO Scott Lawlor confident in the continued growth in the multifamily sector. See the rest of his interview on Bloomberg TV's Money Undercover with Lisa Abramowicz.
“Developers are competing to offer the sexiest, shiniest product at the highest price points,” he says, “but that is not where many households are formed. If you can pick your spots, as we do, you can stay busy even if we might be in a more mature part of the cycle.”
Waypoint Residential 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.
Waypoint Residential concluded 2020 with the close of its first preferred equity investment. The investment in Trinity Lakes will be used to develop vertical and horizontal infrastructure on the final 149 undeveloped acres within the mixed-use section of this 1,600-acre transit-oriented master-planned community in Fort Worth, Texas.