Waypoint Pays $87M for Augusta Rental Asset

Waypoint Residential acquired a 482-unit apartment complex in Augusta for $87 million. 
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group—Taylor Bird, Robert Stickel, Alex Brown, Nelson Abels and Laura Aylor—represented, Waypoint. The buyer was Southwood Realty Co.
 
Located at 101 Pine Forest Road, Mason Augusta was constructed in two phases, with initial delivery in 2022 and final completion in 2024. At the time of sale, the community was 95% leased. The property features a mix of one-, two- and three-bedroom units ranging from 685 to 1,321 square feet.
 
The community offers a fitness center with yoga and spin studio, resort-style pools with sundecks and tanning ledges, a clubhouse with e-lounge and coffee bar, a game room, work-from-home business center, and a dining and lounge terrace with outdoor fireplace. 

Cushman & Wakefield reports the Augusta area has the highest projected rent growth in secondary markets in Georgia, coupled with limited supply & elevated tenant demand.