Maxx Properties Acquires Multifamily in Salt Lake City
Maxx Properties plans to undertake what it terms will be a comprehensive modernization program including improvements to the clubhouse, all common areas and full unit renovations.
SALT LAKE CITY, UT—Harrison, NY-based Maxx Properties has purchased the 361-unit Cobble Creek Apartments complex here.
While no financial terms of the transaction were announced, the privately-held real estate investment firm entered into a long-term, fixed rate mortgage loan with Fannie Mae in connection with the purchase. KeyBank served as the originator and placement agent for the transaction.
Cobble Creek was developed in 1974 and is located in the Holladay submarket of Salt Lake City. The community offers a resort-style setting with flowing streams and attractive views of the Wasatch Mountains.
Maxx Properties plans to undertake what it terms will be a comprehensive modernization program including improvements to the clubhouse, all common areas and full unit renovations.
Cobble Creek offers a mix of one- and two-bedroom units ranging in size from 720 to 990 square feet. The property sits on 18 acres and offers landscaped grounds with stream and water features throughout. The gated community amenities include a large swimming pool with sundeck and spa; numerous barbeque grill and picnic areas; 24-hour fitness center offering cardio and strength training equipment and a stand- alone clubhouse featuring a billiards table and common area Wi-Fi. The community also features recreation amenities s including basketball, tennis, and sand volleyball courts, as well as an on-site dog park and dry sauna.
“We are excited to expand our holdings and operations in the Salt Lake region. Salt Lake’s growth in employment and households has fostered one of the strongest economies in the United States,” says Ed Lange, CEO of Maxx. “Cobble Creek is an attractive community in a vibrant submarket. We believe our operating strength combined with the strong market fundamentals will generate new and lasting value for our investors.”
The 81-year-old company is now operating under the fourth generation of Wiener family leadership and currently maintains a portfolio that includes 83 buildings consisting of 9,807 owned units and 13,000 managed units in six states.