Waypoint Residential buys vacant property to build 301-unit complex.
The real estate investment company that built and sold The Point at Tamaya plans to build another luxury apartment community nearby.
Boca Raton-based Waypoint Residential Services purchased 26.3 acres of vacant land at northwest Kernan and Beach boulevards Sept. 21 for $5 million from West Kernan Land Acquisitions LLC of Daytona Beach.
Waypoint plans to develop a 301-unit multifamily community there, according to a news release from Colliers International Northeast Florida, which brokered the sale.
The proposed community has not been named, said Rebecca Willis, assistant vice president of marketing and communications for Waypoint.
Construction is expected to start this month and should be completed by the second quarter of 2020, she said.
Willis said the community is expected to have a clubhouse with a resort-style pool, grilling stations, enclosed outdoor dog run and park, a parcel locker system, tuck-under garage parking and wraparound porches overlooking a lake. Units will range from 644 square feet to 1,357 square feet.
The community will have 161 one-bedroom, 124 two-bedroom and 16 three-bedroom units spread across 12 three-story buildings and five two-story carriage house buildings. The apartments will feature 9-foot ceilings, granite countertops and stainless steel appliances.
In 2017, Waypoint developed The Point at Tamaya at 3050 Tamaya Blvd. It sold the community in July for $71.9 million. The Point at Tamaya is less than a half-mile from the planned apartments.
“The lease-up velocity at The Point at Tamaya exceeded Waypoint’s expectations so much that the company’s leaders felt compelled to deliver an additional 300-plus units to Jacksonville’s Southeast submarket, which remains undersupplied from a new multifamily development perspective,” said Bradley Coe, Colliers International director of multifamily investment services, in a news release.
“Absorption levels at The Point at Tamaya exceeded 40 units per month on multiple occasions during the lease-up cycle,” he said. “This success ultimately enabled Waypoint to move the asset to disposition much sooner than what had originally been planned.”
Coe said Waypoint plans to use a different “architectural design in order to differentiate this community from The Point at Tamaya.”
Jacksonville-based England-Thims & Miller Inc. is the project engineer and landscape architect.
Monthly rents at The Point at Tamaya start at $1,165 for a 620-square-foot, one-bedroom, one-bathroom unit and range up to $1,765 for a three-bedroom, two-bath unit.
Rates for the new complex were not released.
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