Waypoint Residential Closes Land Deal For Planned Multifamily Property In Charlotte, NC

Waypoint Residential, a vertically integrated conventional multifamily developer, owner and operator, announced that it acquired a 20-acre parcel of land in Charlotte, North Carolina on March 22nd. The site is located in the Mountain Island Lake submarket and is planned to be developed as a garden-style multifamily project.

“This project represents a prime opportunity to expand our footprint in one of the fastest growing markets in the southeast,” said Scott Lawlor, CEO of Waypoint and Waypoint General Partner. “Given the convenient access it provides to retail hubs, as well as premiere green spaces and water access, this property will appeal to the growing pool of renters in the submarket that are seeking newly-constructed Class A apartment homes.”

The multifamily property will have 240 units, averaging 896 square feet per unit and offer an array of market-leading amenities. Located across the street from a Food Lion retail center, the property is just under three miles away from the nationally-renowned White-Water Center and close to the Riverbend Village retail center.

“We are excited to get underway on a project that is located in the thriving Mountain Island submarket and so close to Mt. Holly,” said Adam V. Robinson, a Managing Director on Waypoint’s Development team.

Waypoint expects to begin construction in Q4 of 2022, deliver first units in Q4 of 2023 and be completed in Q2 of 2024. The Charlotte MSA represents a high-growth market in the state of North Carolina that experienced an 18 percent increase in rental rates in 2021.

The seller in the transaction was US Developments, who is working with Waypoint as it seeks to expand its presence in the Charlotte MSA.

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 31,000 housing units across more than 130 properties, representing over $5.1 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.