WayMaker is a Christ-Centered Multifamily investment platform...
differentiated through our relationships, team experience and expertise in leveraging technology and community to source optimal investments and maximize yields. We believe the combination of the above allows us to serve in a differentiated capacity across the investment lifecycle.
We believe people are what matter in life and are the primary critical component to any successful investment.
To achieve our investment objectives, we have curated an off-market Class A multifamily development pipeline with the top developer in one of the fastest growing markets in the country, Dallas Fort-Worth.
Our capabilities include new development, acquisitions, asset management, technology, and community engagement.
Since our inception in 2021, we are grateful for the relationships that have driven WayMaker's expedited growth:
WayMaker is differentiated through our relationships, team experience and expertise in leveraging technology and community to source optimal investments and maximize yields. We apply our capabilities with passion working to exceed our investors expectations.
Through partnerships with leading developers, WayMaker has access to dedicated, off-market Class A pipeline.
Leveraging a proprietary market and asset screening algorithm, we identify on and off market opportunities that represent significant return out performance.
Deep local market fluency and expertise in executing our investment strategy.
The Case For Multifamily in Dallas Fort-Worth
Multifamily investing in Dallas Fort-Worth provides a compelling risk adjusted return based on the following mega trends:
- You can work from home. You can shop from home. You can eat from home. But you need a home. Apartments provide a home.
- There are more than 43 million renter households in the U.S. and counting, according to the Harvard Joint Center for Housing Studies. The renter household count grew more than 10% over the last decade, and the growth keeps coming.
Highlighting the basic need for housing, apartments continued to record very strong net demand through the pandemic. According to RealPage, net apartment demand in the U.S. totaled nearly 300,000 units in 2020 -- nearly identical to the nation's five-year annual average. Experts are projecting continued strength due to positive demand drivers going forward.
The median annual income for households signing new leases in professionally managed, investment-grade apartments measured $61,344, according to RealPage Market Analytics. By comparison, the median national renter household income measured only $41,115, according to analysis of Census data by the National Multifamily Housing Council. Additionally, higher income renters (those above $75,000) represent the fastest-growing renter demographic, according to the Harvard Joint Center for Housing Studies.
Millennials drove much of the apartment boom over the last decade. They're still a huge driver for apartment demand, but they're now outnumbered by Gen Z -- who provide another 10+ years of strong demographic tailwinds. Additionally, the burgeoning trend of Baby Boomers downsizing to rentals remains a positive tailwind.
Cashflow in most other real estate investments is dependent on a relatively small number of anchor tenants, and it can be challenging and expensive to replace them. That is not the case with multifamily. Investment-grade apartments have highly diversified rent rolls as a function of their nature -- leasing out hundreds of individual units, each to unique households. For that reason, apartment occupancy has been remarkably stable. According to RealPage Market Analytics, U.S. occupancy rates have not fallen below 91.9% in over the last two decades, while averaging 94.3%. More recently, occupancy rates have hovered around recent historical highs coming in at 95.6% as of 4th quarter 2020. This makes multifamily investments a lower-risk proposition with a more predictable cashflow.
Apartments produced an average annual investment return of 9.0% since 1984, according to NMHC's analysis of data from the National Council of Real Estate Fiduciaries. Only three times in nearly four decades have apartments recorded negative annual returns (1991, 2008, 2009). After the Great Financial Crisis, apartments rebounded ahead of the broader economy with returns in 2010-2011 that outpaced the losses from 2008-2009.
Multiple studies in recent years have shown apartments have generated favorable returns with lesser volatility compared to other commercial real estate sectors. This ties back to the trends noted here: People need a place to live, and apartments are by nature highly diversified.
Apartments continue to grow as a more popular investment vehicle for investors of all types, and capital flow has steadily increased. Unique capital structures in multifamily have contributed to the growth. The government-sponsored agencies, Fannie Mae and Freddie Mac, serve as massive capital providers for multifamily, ensuring the apartment market remains liquid. The GSE multifamily portfolios have held up well through multiple cycles, and the GSEs (along with related entities) own 48% of the multifamily outstanding debt, according to the Mortgage Bankers Association.
- Among fastest growing population: since 2010, DFW has added roughly 120,000 new residents per year, which ranks #1 in the U.S.
- The 350k added jobs in DFW over the past three years is 1.5x greater than #2 and #3 (ATL & HOU, respectively)
Dallas Fort-Worth has a business friendly environment, favorable tax structure, and relatively low cost to living