Waypoint Residential, a vertically-integrated conventional multifamily developer, owner and operator announced that it acquired a 66-acre parcel of land in Daytona Beach, Florida on April 27, 2022. The site is planned to be developed as a garden-style multifamily project.
“This project represents another positive addition to our deep pipeline in the state of Florida,” said Scott Lawlor, CEO of Waypoint and Waypoint General Partner. “The property’s location offers a tremendous opportunity to capture increasing demand in an expanding market.”
The three-story multifamily project is designed to include 300 units and an array of market-leading amenities, located less than two miles from the Tomoka Town Center mixed-use development.
Waypoint expects to begin construction in Q3 2022, to start delivering units in Q3 2023 and achieve stabilization during Q2 2024. The Daytona Beach area represents a high-growth submarket in the state of Florida which had market rental growth of 21% during 2021.
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 34,000 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.
