October 4, 2023 10:00 AM
Newmark announces it has arranged the sale and financing of Maverick Place, a 117-unit, 382-bed student housing asset serving the University of Texas at Arlington (UTA). Newmark Vice Chairman and head of the company’s Student Housing group Ryan Lang, Managing Director Jack Brett and Director Ben Harkrider represented the seller, Waypoint UTA Maverick Place Owner, LLC and Waypoint Maverick Land Owner, LLC. Co-Presidents of Debt & Structured Finance Jordan Roeschlaub and Dustin Stolly, along with Executive Managing Director Ben Roelke, Senior Managing Director Ian Walker and Director Trent Houchin, secured the financing on behalf of the buyer, Axonic Properties LLC.
“Our student housing platform is pleased to have successfully executed on all 13 assets within Waypoint’s portfolio over the past year,” said Lang. “Axonic proved out a seamless acquisition of Maverick Place.”
Maverick Place is a garden-style, gated apartment community that features one-, two- and four-bedroom units with fully-equipped kitchens, private bathrooms, full-size beds, dressers and desks. Residents enjoy access to numerous community amenities including a 24-hour fitness center and clubhouse, a resort-style pool, a game room, a cybercafe and a quarter-acre dog park. The property has maintained over 95% occupancy during the past few academic years due to UTA’s high demand for off-campus housing.
“We are excited to add to our student housing portfolio in Texas and appreciate our long standing relationship with Newmark,” said Jonathan Shechtman, Managing Principal, Axonic Properties.
Located at 930 Benge Drive, Maverick Place is a short walk from the UTA campus and an array of grocery stores, entertainment venues and restaurants in downtown Arlington. The property is equally distanced, about 15 miles, from both Dallas and Fort Worth, allowing it to benefit from North Texas’ fast-growing economy and population.
UTA ranks as one of the top public universities in the United States, recently designated a “Tier 1 research university” by the Carnegie Institute. Currently serving more than 40,000 students, the university has grown enrollment by approximately 28% over the past decade and expects continued growth at nearly 3.4% within the next four years.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of June 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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