Axonic Properties Buys 382-Bed Texas Student Community

The 382-bed student housing community is adjacent to the University of Texas at Arlington campus. Image courtesy of Newmark

Axonic Properties has acquired Maverick Place, a 382-bed community in Arlington, Texas, adjacent to the University of Texas at Arlington. Waypoint Residential sold the asset through its student housing affiliates—it previously acquired it in 2017 as part of a $102 million portfolio sale.

Newmark represented the seller and secured the financing on behalf of Axonic in the transaction.

Completed in 2009, the community comprises 117 units with one-, two- and four-bedroom apartments, ranging from 491 to 1,327 square feet with fully equipped kitchens, in-unit laundry facilities and private balconies or patios. Community amenities include a fitness center, a dog park, a game room, a cyber cafe, as well as a swimming pool.

Located at 930 Benge Drive, the property is within half a mile of the University of Texas at Arlington campus. Numerous dining, retail and entertainment options alongside S. Cooper Street are within walking distance of Maverick Place. Nearby major thoroughfares include Interstate 30, which is 3.5 miles from the property.

Newmark Vice Chairman Ryan Lang, Managing Director Jack Brett and Director Ben Harkrider represented the seller, whereas Co-Presidents of Debt & Structured Finance Jordan Roeschlaub and Dustin Stolly, alongside Executive Managing Director Ben Roelke, Senior Managing Director Ian Walker and Director Trent Houchin secured the financing.

Axonic Properties is expanding its national student housing portfolio, with recent acquisitions including Vue on MacGregor, a 347-bed property located in Houston. Last year, the company also paid $83.5 million for Campus Lodge, a 1,067-bed community in Tampa, Fla.