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Waypoint Real Estate Group, one of the nation's leading acquirers of distressed, single-family properties, and GI Partners, a mid-market private equity firm, have announced a partnership where they will acquire and then rent out more than $250 million in single-family homes. Ultimately, GI hopes to invest more than $1 billion in distressed and foreclosed homes over the next two years, with Waypoint managing the acquisitions and rental conversions.
Based in Oakland, Waypoint has successfully acquired nearly 1,000 homes in the San Francisco Bay area and Inland Empire in Southern California, and developed a proprietary system to underwrite and manage the portfolio of homes. With the GI investment, Waypoint plans to launch a national expansion, with the goal of entering into multiple new geographic markets in 2012.
"Our approach to buying and renovating distressed homes and leasing to residents who are committed to a path to future home ownership is a viable solution to our nation's housing crisis," said Colin Wiel, managing director and co-founder of Waypoint. "Our unique approach to acquiring homes and converting them into rental properties speaks directly to the Federal Reserve's recommendations included within its recent white paper. This partnership with GI Partners ensures we can take the next step in our company's evolution."
GI Partners, headquartered in Menlo Park, Calif., will invest in Waypoint through GI Partners Fund III, which has approximately $1.9 billion of capital commitments from institutional private equity and real estate investors.