Real estate investment firm Waypoint Residential announced Thursday it has expanded its presence in the Midwest region with the acquisition of three conventional multifamily properties and one student housing property.
The properties are: Legacy at Poplar Creek, a 196-unit garden-style apartment community located in Schaumburg, Illinois; Two Itasca Place, a 70-unit class A property in Itasca, Illinois; The Attleigh, a 184-unit garden-style apartment community in Columbus, Ohio; and Rockland West, a 500-bed purpose-built student housing property that serves the University of Kansas in Lawrence.
The company said these acquisitions significantly increased its Midwestern exposure in its overall portfolio and support its geographical diversification across the county. The firm said its Midwest exposure includes almost 1,000 units across Illinois, Ohio, Oklahoma, and Kansas.
“The Midwest presents compelling investment opportunities that align well with our overall conservative investment philosophy,” said Scott Lawlor, Waypoint Residential’s CEO. “Waypoint’s commitment to the region is part of an overall strategic plan to expand our footprint across the United States.”
Waypoint Residential made its first Midwest acquisition in 2015 and then opened its Chicago office in 2016.
“The Midwest frequently gets painted with a broad brush; however, the region offers many areas of individual pockets of growth and strong market fundamentals. We take a targeted approach, which enables us to identify and capitalize on attractive opportunities across the region,” said Jeremy Pemberton, Waypoint's chief acquisition offer. “While these acquisitions demonstrate our commitment to Midwest, we have only just begun. We look forward to leveraging the momentum we have achieved thus far.”