HARRISON, N.Y., November 6, 2019 -- MAXX Properties—a privately held real estate company—announced today the acquisition of Madison at Spring Valley, a 168-unit multifamily property located in the popular Spring Valley neighborhood of Las Vegas, Nevada.
Built in 2000, Madison at Spring Valley is part of MAXX Properties’ growing Las Vegas portfolio, along with Villas at Green Valley Apartments in Henderson, Nevada acquired earlier this year. Madison at Spring Valley is the sixth community for MAXX in Las Vegas.
“It is a pleasure to welcome Madison at Spring Valley to the MAXX family,” said Ed Lange, CEO of MAXX Properties. “As part of our continuing expansion program, the acquisition of Madison at Spring Valley enhances the company’s portfolio of communities in Las Vegas.”
The community is comprised of one, two, and three-bedroom apartments ranging from 700 to 1,060 square feet and featuring open-concept living with 9-foot ceilings, central air, and full-sized in-unit washers/dryers. Amenities include a swimming pool with spacious sundeck, a playground, a clubhouse with coffee bar, convenient 24-hour fitness center, and pet-friendly living. MAXX plans a value-add capital expenditure program including unit and common-area renovations to modernize and differentiate the community from its competitors.
Madison at Spring Valley is in the heart of the Spring Valley suburb which has experienced significant employment growth and boasts an atmosphere all its own. Nestled between the famous Las Vegas strip and the upmarket Summerlin neighborhood, these Spring Valley apartments offer easy commuting to I-15 and the area’s employment nodes and retail centers, while still maintaining a laid-back suburban vibe.
Madison at Spring Valley was partially capitalized through a long-term, fixed rate mortgage loan provided by KeyBank NA.