There’s a new entrant in the seniors housing industry. Real estate investment manager Waypoint Residential, predominantly focused on conventional multifamily and student housing, just made its first acquisition of a senior living community in the town of Starkville, Mississippi (home of Mississippi State University), for $22.7 million, or about $276,800 per unit.
Developed in January 2016 by CR Properties, LLC and Blake Management Group, this community has 14 independent living, 43 assisted living and 25 memory care units. After already bringing occupancy to 100%, Blake Management Group will continue to manage the community. Josh Randolph of Colliers International represented the seller in the transaction.
While this was the first seniors housing acquisition for Waypoint, it is not its debut, as the company recently partnered with Watercrest Senior Living Group to break ground this month on a 107-unit senior living development in Newnan, Georgia, with completion expected in late Spring 2019.