MAXX Properties Acquires 609-Unit Las Vegas Community as Part of Capital Recycling Strategy
HARRISON, N.Y., May 17, 2019 -- MAXX Properties—a privately held real estate company—announced today the acquisition of Villas at Green Valley, a 609-unit multifamily property in Henderson, Nevada. The property, comprised of 38 buildings across 21 acres, represents the largest single-asset acquisition in the company’s history both in terms of number of apartment units and invested capital.
The purchase of Villas at Green Valley, or VGV as it’s commonly known, was partially capitalized through the sale of Cedar Run Apartments in Denver, CO, which closed on May 1, 2019. In addition, MAXX Properties entered into a long-term, fixed rate mortgage loan with Fannie Mae. KeyBank served as the originator and placement agent for the transaction.
“The Cedar Run sale and VGV acquisition continues a strategic, long-term capital recycling program intended to divest mature or non-core assets and reinvest into value-add opportunities in our core markets,” said Ed Lange, CEO of MAXX Properties. “We are excited to expand our holdings in Las Vegas, and VGV is well-positioned to generate significant value for our investors.”
VGV was developed in 1984 and 1986, and is located in the desirable Henderson submarket of Las Vegas, providing residents immediate access to the region’s employment nodes and retail locations. MAXX plans to complete a comprehensive modernization program including improvements to the clubhouse, all common areas and unit renovations.
The community offers one, two, and three-bedroom floor plans with an average unit size of 781 square feet. There are six appealing options featuring open layouts with walk-in closets, oversized balconies/patios with golf course views, full-sized washer/dryers, and fireplaces in select units. Community amenities consist of two swimming pools and a spa, a fitness center, a playground, a sports court, two dog parks, picnic pavilions with BBQ, parcel lockers, a business center, and a resident lounge with a game room.
VGV is the fifth community for MAXX in Las Vegas, joining Remington Canyon and Ventana Canyon in Henderson, and Boulevard @ 4201 and Palermo Apartments in Las Vegas.
About MAXX PROPERTIES
MAXX Properties is a privately held, 83-year-old real estate firm consisting of multifamily, commercial, and cooperatives. Now operating under the fourth generation of Wiener family leadership, the MAXX Properties portfolio includes 35 communities consisting of 8,790 owned multifamily units in six states across the country and 2,800 cooperative units in New York. For more information, please visit MAXXProperties.com.