Sale of student housing community near University of Houston closes
JLL Capital Markets arranged the sale of the 117-unit / 347-bed Vue on MacGregor located minutes from downtown Houston, Texas
DALLAS, June 8, 2023 – JLL Capital Markets announced today that it closed the sale of Vue on MacGregor, a 117-unit / 347-bed student housing community near the University of Houston, the third largest university in Texas.
JLL worked on behalf of the seller, Trimont, LLC and procured the buyer, Axonic Properties, LLC.
Built in 2014, the 96.3% occupied property features fully furnished one-, two-, three-, four- and five-bedroom units ranging from 369 square feet to 1,128 square feet. The units include in-unit washers and dryers, stainless steel appliances and granite countertops. Community amenities include dedicated study rooms, a swimming pool, two fitness centers, a business center, free community-wide Wi-Fi and cable, dog park and prime views of Downtown from an upper view deck.
Situated at 4460 South MacGregor Way, Vue on MacGregor is 0.5 miles from the University of Houston campus and a 15-minute drive from downtown Houston, which features 52 million square feet of office space. The property is ideally set in a quiet enclave near MacGregor Park, a short walk or shuttle ride to classes and only a few miles from the light rail providing access to Downtown. Both Griggs Road Shopping Center and The Trail Shopping Plaza are a five-minute drive from the property. Additionally, residents have easy access to the greater Houston metro via nearby Interstate 45.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Directors Teddy Leatherman and Scott Clifton, Director Kevin Kazlow and Analyst Danielle Rice.
“We are excited to expand our student housing portfolio in Houston, which is now a member of a power five conference starting this year,” said Jonathan Shechtman, Managing Principal at Axonic Properties.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Trimont, LLC
Trimont (trimontrea.com) specializes in the asset management of complex performing and non-performing credit on behalf of commercial real estate lenders and investors around the world. Trimont also provides loan servicing, facility and security agency, cash management, fund and asset level accounting, underwriting, due diligence, and leading technologies such as TriviewSM, that empower clients to better evaluate and manage risk and return.
Over its 35-year history Trimont has managed more than $645 Billion of debt and equity investments into commercial real estate, comprising more than 26,400 assets managed in 66 countries. Trimont is highly rated by Standard & Poor's and Fitch, and reviewed by Kroll, and serves clients around the world from major offices in Atlanta, Dallas, Kansas City, London, New York, and Sydney.
About Axonic Properties
Axonic Properties LLC is a privately owned real estate investment company headquartered in New York City, led by Jonathan Shechtman and Brian Kennedy. Since its inception in 2012, Axonic Properties has owned and operated a diversified portfolio of more than $1.6 billion of residential assets in Florida and Texas.