Dallas-based Waypoint Development is entering the Central Florida multifamily market with a new luxury garden apartment community on U.S. 27 in Lake Wales.
Waypoint specializes in ground-up construction of apartment communities, and this one will target young professionals, founder Jarrett Woods said.
The Parc at Lake Wales will include one-, two- and 3-bedroom walk-up apartments that include granite countertops, 9-foot ceilings and wood-like floors, Woods told GrowthSpotter. The gated community will include a spa-like pool, lush landscaping, a dog park, other pocket parks throughout, walking trails, a cyber café, WIFI and a business center.
The Parc at Lake Wales, on 88 acres, will be built in two phases with 240 units in each. The primary entrance will via Hunters Glen Blvd, which is off of US. 27. Average monthly rental prices are expected to run from $1,100 to $1,600, Woods said. Young professionals are the target resident, Woods said.
“I think the economy has been very strong – a lot of household growth and job growth in the area,” he said. “I think we are right in the path of development in Lake Wales.”
The community is expected to house 1,152 people. The apartments will be in 3-story buildings with, 24 units per building, Woods said. There are three building types, according to the site plans: “Type A” contains 2 and 3 bedroom units and approximately 9600 SF; “Type B” contains 1 and 2 bedroom units and is approximately 8800 SF; “Type C” contains 1 and 2 bedroom units and is approximately 8200 sf.
Waypoint Development adds to apartment construction off of U.S. 27 in Lake Wales, where the $55 million Serenity at Lake Wales is being built by Maitland-based Nvision Development, and owner/operator NM Residential. The two companies partnered on the 335-unit community just north of Eagle Ridge Mall, which became the first Class-A multifamily to be built in the municipality since 2005.
The Parc at Lake Wales is Woods' third project in Florida, which includes completed projects in Tallahassee and New Port Richey. The new community will be closest in style to his Apalachee Point Villas in Tallahassee.
Woods anticipates breaking ground in January on the Parc at Lake Wales, with total construction of 18 months and first occupancy in about 14 months.