MAXX Properties Announces Investment Activity
On September 26, Maxx acquired The Station on Central Apartments, a 414-unit apartment community located in Phoenix, Arizona.
The Station on Central community, which was developed in 1999, features spacious units averaging 883 square feet in size. The gated community offers high-end amenities including two resort-inspired swimming pools, spa and fire pit; a 24-hour fitness center, with yoga studio; a contemporary clubhouse with kitchen, social lounge, billiards, and common area Wi-Fi; and several barbecue and picnic areas. Access to the community is security controlled, with elevators, and a structured parking garage with 508 spaces.
The Station on Central is located in the Central Phoenix–Encanto submarket, known as Phoenix’s financial district, one of the metro’s premier hubs. The property resides adjacent to the Indian School/Central Avenue METRO Light Rail stop providing residents with quick and convenient access to Downtown Phoenix, Tempe, and Mesa. The area is also home to a many luxury resorts and upscale shopping areas, including the landmark Biltmore Resort and Biltmore Fashion Park.
“We are pleased to have acquired an outstanding apartment community in a highly attractive submarket of Phoenix,” said Ed Lange, CEO of Maxx. “The community represents an attractive value-add, renovation opportunity. With the Maxx management team in place, residents can expect superior customer service, attractive unit and common area renovations, and a well maintained community. We are pleased to capture this opportunity to expand our operations and efficiencies in Phoenix, and expect The Stations on Central to generate attractive investment returns.”
In connection with the acquisition, Maxx entered into a long-term, fixed rate mortgage loan with Fannie Mae. KeyBank Real Estate Capital served as the originator and placement agent for the transaction.
On August 30, Maxx sold a portfolio of six apartment communities located in Omaha, Nebraska. The 810-unit portfolio was acquired in two transactions, in 1999 and 2004. Proceeds from the sale were recycled and applied to the above-referenced acquisition.
About MAXX Properties:
Maxx Properties is a privately held, 81-year-old real estate firm consisting of multifamily, commercial, and COOP ownership and management. Now operating under the fourth generation of Wiener family leadership, the Maxx portfolio includes 82 buildings consisting of 9,446 owned units and 13,000 managed units in six states across the country. Visit www.MAXXproperties.com.