Photo: Michael Cummo / Hearst Connecticut Media
Waypoint Residential relocated its Stamford offices in July 2017 from 2200 Atlantic St., to this building at 9 W. Broad St., on the edge of the city’s downtown.
STAMFORD — Real estate investment firm Waypoint Residential announced this week the acquisition of a 288-unit student-housing complex in Tallahassee, Fla., a property it plans to convert into conventional apartments.
Waypoint officials declined to disclose the financial terms of the deal.
The holding in Florida’s state capital was originally built to serve students at local institutions including Florida State University, Florida A&M University and Tallahassee Community College. But Waypoint officials said they believe they can maximize the property’s value by tapping into demand from other groups for quality, affordable apartments.
“Upon completion of the conversion, the property will offer one of the most exceptional value propositions in the Tallahassee market featuring significantly larger-than-average floor plans together with a best-in-class amenity package that includes one of the largest resort-style pools in the market,” Eric Hade, Waypoint’s chief investment officer, said in a statement.
The complex includes a large fitness center, computer lab, business center, conference room, movie theater, pool, full-size basketball court and sand volleyball court. Waypoint‘s planned renovation would reconfigure the existing floor plans, with the redesigned units including stainless-steel appliances and upgraded countertops, flooring, cabinetry, lighting and plumbing. Exterior improvements would cover landscaping, painting, roofing, signage and the pool area.
Waypoint has already made major moves this year in the student-housing market, acquiring for $102 million five properties that include 2,638 beds. Those sites serve the University of Texas campuses in Arlington and San Antonio, the University of Nevada at Las Vegas and the University of North Carolina at Greensboro.
In 2016, Waypoint entered the student-housing sector when it purchased three properties for about $58 million. With the completion of the five latest deals, Waypoint will have acquired assets holding 3,760 beds.
During the past five years, Waypoint’s investment activity has totaled approximately $2 billion, according to company data.
Last week, Waypoint moved into new offices covering about 11,500 square feet on the eighth floor of the 9 W. Broad St. office building on the edge of the downtown. The firm was previously based at 2200 Atlantic St.
Waypoint’s new offices unite the firm’s 15 operations-focused employees who already worked in Stamford and nine from Waypoint’s accounting department who were working in Manhattan.
The firm also maintains offices in Boca Raton, Fla. — the base of CEO Scott Lawlor — and hubs in Atlanta, Chicago, Dallas and Denver.
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