Auburn, Ala. And Lawrence, Kan. — Waypoint Residential has acquired two student housing communities located in Alabama and Kansas.
Acquisitions include The Social at Auburn, an 844-bed community located near Auburn University in Alabama; and Rockland West, a 500-bed community located near the University of Kansas at Lawrence. Waypoint plans to invest $3.7 million to substantially renovate unit interiors, exteriors and common spaces at The Social at Auburn. The company also plans to invest $1 million into renovations at Rockland West to address deferred maintenance and complete an amenity and unit upgrade program that was initiated by the prior owner.
Waypoint has also expanded its senior team with the recent appointments of Doug Wolski as managing director of portfolio management, James Driscoll as senior vice president of development and Gina Lujan as vice president of talent. Waypoint entered the student housing space in 2016, and has grown its portfolio to nearly 6,000 beds with a total capitalization of approximately $400 million.