Waypoint Residential Acquires Land for Five Development Projects in Florida and Texas. Since the beginning of 2021, Waypoint Residential, LLC, through several subsidiaries, has acquired land for the development of five conventional multifamily projects in Texas and Florida, intended to include more than 1,350 units with a total capitalization surpassing $240 million. Each project will be a fully-amenitized, Class A community with top-of-market interior finishes.
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The project located in Boerne, Texas, is approximately 30 miles north of San Antonio. This 288-unit Class A, garden-style community will sit on a 15.5-acre parcel within the 70-acre master planned development known as The Commons at Menger Creek and will offer an affordable component.
The four Florida projects are located in Gainesville, Orlando, Stuart, and Palm Bay. In Gainesville, Waypoint is planning to develop a 235-unit Class A, garden-style community located on SW 20th Avenue. The property is proximate to numerous retail and entertainment options and only seven miles from The University of Florida.
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The Lake Wilson project is located approximately 25 miles south of downtown Orlando. This 312-unit Class A, garden-style community is proximate to Interstate 4, Highway 27, and Ronald Regan Parkway, providing convenient access to employers and entertainment. The Stuart project will include 270 Class A units in a garden-style community located directly off US-1.
FAU, FIU study shows degree of overpricing in major cities. Homes are being overvalued by an average of 20% in major Florida cities as of June. A study done by researchers at Florida Atlantic University and Florida International University identified five major Florida cities where houses were being sold for more than they are worth.
These cities are Jacksonville, Orlando, Tampa, Miami and Tallahassee. Out of the five, Tampa ranks the highest with a 32% premium. Palm Bay is located in the core of Florida’s “Space Coast”. The project will include 252 units in a Class A, garden-style community that is within 25 minutes of some the area’s most notable employers including L3Harris, Northrop Grumman, Lockheed Martin, and Health First.
Despite the increasing in housing prices, the research suggests that Florida's housing market will not crash because prices are expected to level out in the future. Dr. Ken H. Johnson, a real estate economist and associate dean in FAU's College of Business, does believe that homeowners will be stuck paying high premiums after housing prices level out.
"Trees do not grow to the sky and neither do home prices," Johnson said. "We're nowhere near where we were at the peak of the last housing cycle, but we do need to be careful. Walking away from an obviously overvalued home may be the best thing buyers can do in this kind of market."
Eli Beracha, a professor at FIU's Hollo School of Real Estate, suggested that people should rent spaces to live for the time being. "Our research on buy vs. rent indicates that, on average right now, renting and reinvesting is a particularly good wealth creation strategy," Beracha said. "More people who rent and reinvest would help alleviate current pricing pressure, which is a good thing."
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