Waypoint Residential, a vertically integrated conventional multifamily developer, owner and operator, has closed on the sale of Tomoka Pointe and Luminary at 95, two recently constructed, garden-style multifamily communities located along Florida’s Space Coast.
The 276-unit Tomoka Pointe is located in Daytona Beach, Florida, proximate to Tomoka Town Center, the Daytona International Speedway and Embry-Riddle Aeronautical Center. The 300-unit Luminary at 95 is located in West Melbourne, Florida, adjacent to the Interstate 95 interchange and close to Melbourne’s beaches, as well as to many aerospace, technology and defense industry employers. Both properties were constructed in 2019 and had a blended occupancy of 95% at the time of sale.
“Daytona Beach and Melbourne are highly active areas along the Space Coast that continue to draw attention from our target renter base of young professionals,” said Scott Lawlor, CEO of Waypoint and Waypoint General Partner. “The continued growth and attractiveness of these markets has fueled renter demand and corresponding market rental growth.”
Scott Ramey, executive managing director; Brad Downing, director, and Paul Grant, associate, all with Newmark, represented the seller, Waypoint Residential, in the disposition of the properties to Venterra Realty.
