HOUSTON—Greenwich, CT-based Waypoint Residential has acquired Valencia Place, a class A, 246-unit asset in the Medical Center submarket.
“[The acquisition is] representative of our strategy to grow our portfolio through targeted investments in high growth markets with favorable fundamentals like employment stability and population growth,” Raymond Barrows, chief operating officer of Waypoint Residential, told GlobeSt.com.
Located at 3131 West Bellfort Ave., Valencia Place offers resort-like amenities such as a lap-style swimming pool, a “tanning shelf,” a fully-equipped fitness center with onsite trainer and yoga studio, a clubhouse with billiard tables and a business center.
“Valencia Place is a strong addition to our portfolio due to its prime location near the Texas Medical Center, which provides for a strong and steady employment base that is a primary driver of demand and growth in the submarket,” said Holland Smith, chief investment officer of Waypoint Residential, in a release.
“With its major expansion under way, we believe the Texas Medical Center will continue to serve as a key demand generator for rental housing. The quality and location of Valencia Place presents us with an attractive opportunity to capitalize on the current state of the Houston market.”
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