“The properties benefit from a comprehensive array of highly-desirable amenities and serve universities with strong projected enrollment growth,” says Pemberton. “Additionally, the geographically diversified portfolio includes varying degrees of purpose-built student housing markets, from evolving ones to those that are more mature and established, creating an attractive yield profile.”

Waypoint's initial foray into student housing occurred via the purchase of three properties comprising 1,122 beds for an aggregate $58.3 million. When it closes on all five assets in Blue Vista portfolio, Waypoint will have acquired 3,760 student housing beds for approximately $160 million.

STAMFORD, CT—Waypoint Residential, which entered the student housing market last year, is now formalizing its presence in the sector with the launch of a new affiliate. Known as Waypoint Campus Housing LLC, the affiliate recently closed on four of the five student housing properties it acquired from Blue Vista Capital Management.

CEO Scott Lawlor of Waypoint Residential, who founded the Stamford, CT-based investment management firm in 2011, calls student housing “one of our key strategies within our core business, which focuses exclusively on the rental housing sector. The addition of student housing aligns with our overall strategy to diversify our product offerings within the rental housing market, and we believe it provides terrific risk-adjusted opportunities.”

Waypoint Campus Housing will be headed by CEO Jeremy Pemberton, who previously focused on acquisitions and sourcing capital for Waypoint Residential. “The student housing sector continues to demonstrate strong fundamentals, notably enrollment growth and continued strong occupancy,” he says. “As a result, student housing has matured into a more discernable asset class with an ever-growing investor demand.”

The newly acquired properties in the $102.3-million Blue Vista portfolio include High View Place, serving the University of Texas at San Antonio; Maverick Place, serving the University of Texas at Arlington; Rebel Place, serving the University of Nevada at Las Vegas; and Spring Place, serving the University of North Carolina at Greensboro. The fifth property is slated to close in June 2017. A capital improvement program is planned for each property.

“The properties benefit from a comprehensive array of highly-desirable amenities and serve universities with strong projected enrollment growth,” says Pemberton. “Additionally, the geographically diversified portfolio includes varying degrees of purpose-built student housing markets, from evolving ones to those that are more mature and established, creating an attractive yield profile.”

Waypoint's initial foray into student housing occurred via the purchase of three properties comprising 1,122 beds for an aggregate $58.3 million. When it closes on all five assets in Blue Vista portfolio, Waypoint will have acquired 3,760 student housing beds for approximately $160 million.