News
Nov 13, 2015 Still More Apartments Planned

Still more apartments planned

By Kevin McQuaid | Commercial Real Estate Editor - Friday, November 13, 2015

Continuing a surge of multifamily development in Southwest Florida, an Atlanta-based developer is planning 180 apartments on a nine-acre site off University Parkway in Sarasota County.

Waypoint Residential Services’ plans in University Grove follow a $4.35 million land purchase on Oct. 30. The seller, a partnership composed of W.G. Mills and others, was represented by Lee DeLieto Jr. and Leon DeLieto Sr. of Michael Saunders & Co.

“The job growth there is tremendous, as are the household formations,” says Omar del Rio, Waypoint’s director of development. “We love the area, and think 180 units is the right size for that market.”

Waypoint’s complex will be constructed in a series of three- and four-story buildings adjacent to a new D.R. Horton neighborhood.

Though its plans come amid a wave of new multifamily projects — fellow Atlanta apartment developer Carter unveiled plans late last month to build a 10-story, 180-unit rental complex in downtown Sarasota, among others — del Rio says he’s not concerned with competition.

“There’s nothing within five miles of our project,” he says. “Sarasota and Lakewood Ranch are incredible, but they’re different markets. We’re in between Sarasota and Bradenton.”

In Florida, Waypoint owns apartments in Naples, Orlando, Ormond Beach, Port St. Lucie and a suburb of Miami. It is also constructing a new 136-unit complex in Estero that will open next year.

RD expands in North Fort Myers
RD Management LLC, one of the nation’s largest privately held retail owners, has expanded its Gulf Coast footprint with a $20.5 million purchase in North Fort Myers.

Merchants Crossing, a 323,000-square-foot retail center anchored by a 16-screen AMC Theater, Bealls Outlet and Jo-Ann Fabrics store on 73 acres, becomes its largest Florida acquisition since December 2014 and among its largest holdings in the state.

The New York-based company bought University Mall in Tampa, which it is redeveloping, late last year.

At Merchants Crossing, RD Management is planning upgrades to the center’s façade and common areas, says Thomas Mirandi, the company’s vice president of real estate.

“We’re focused on Florida as part of a strategy to expand,” Mirandi says.

 

Click here to view full article on www.businessobserverfl.com


Annual Investor Call & Overview Presentation - February 2017

Waypoint Development Call - November 2016

A Letter From Our CEO

MPF 78,000 Units Delivered in 3Q; Demand Still Outpaces Supply

JLL Multifamily Investment Outlook Q2 2016

June 2016 Market Trends

Over Five Million Baby Boomers Expect to Rent Next Home by 2020

Homeownership Elusive for Young Adults Without College Degrees

The U.S. Homeownership Rate Falls Again, Nearing a 48-Year Low

Freddie Mac - Profile of the Renters of Today (2016)

Freddie Mac Multifamily Outlook - 2016

U.S. Housing Market - 2016

Still More Apartments Planned

Rents Rise Faster for Midtier Apartments Than Luxury Ones

Waypoint Residential Gets an A+

Blame Middle-Aged Americans for the Red-Hot U.S. Rental Market

Home Owership Rate is the Lowest since 1989 But There is a Silver Lining

Lawlor Builds an Institutional Platform for High Net-Worth Investors

Waypoint Grows Portfolio in Augusta

WSJ: Smaller Cities Led Way in Rent Increases in 2014

No Picket Fence Young Adults Opting to Rent

Why Multifamily?

WSJ: Moving On Up, Stage Set for Rents to Go Higher

Copyright © 2016 Waypoint Residential. All rights reserved.