Axonic Properties Buys Houston Student Housing Asset
JLL brokered the sale of the 347-bed community.
Axonic Properties LLC has expanded its Texas student housing portfolio with the acquisition of Vue on MacGregor, a 347-bed student housing community in Houston. JLL represented the seller, Trimont LLC, in the transaction and procured the buyer for the property, which is 96 percent occupied.
Completed in 2014, the community comprises a five-story building with a mix of 117 one- to five-bedroom floorplans, ranging from 369 to 1,128 square feet and featuring in-unit laundry facilities and stainless steel appliances. Common-area amenities include a swimming pool, a business center, study rooms, a dog park, two fitness centers and an upper deck.
Located at 4460 S. MacGregor Way, the community is within half a mile of the University of Houston campus and the TDECU Stadium. The property is also next to several green areas, including the MacGregor Park. Griggs Road Shopping Center is within a mile of the community, whereas downtown Houston is some 4 miles away.
JLL’s Managing Directors Teddy Leatherman and Scott Clifton, Director Kevin Kazlow alongside Analyst Danielle Rice brokered the transaction.
Axonic Properties is looking forward to expanding its footprint in the metro, which has been part of a power five conference starting this year, Managing Principal Jonathan Shechtman said in a prepared statement. The firm’s $1.6 billion investments over the years include residential properties, condos and a total of 2,006 student housing beds. Last year, the company paid $83.5 million for Campus Lodge, a 1,067-bed student housing property in Tampa, Fla., adjacent to the University of South Florida.