MAXX Properties announced today the acquisition of The Ridge, a 261-unit, 4-story luxury apartment community near Sandy Utah. The Ridge boasts commanding views of the Wasatch and the Oquirrh mountain ranges.
The Ridge offers modern one-, two-, and three-bedroom apartments. These luxury homes were built in 2018 and feature tech-forward amenities and a nod to the sustainable lifestyle Salt Lake City is known for with energy-saving appliances, LED lighting, and a bike repair station. Communal amenities include a clubhouse with a 24-hour fitness center, swimming pool, fire pit, BBQ stations and a card-key controlled parking garage. The community is directly across the street from a lifestyle shopping complex with a half dozen upscale dining outlets as well as a state-of-the art cinema.
Salt Lake City is often rated a best place to live thanks to quality of life factors, affordability, and booming employment sectors. Salt Lake City is also synonymous with outdoor recreation and these Sandy Utah apartments re just a 20-minute drive from world-class of ski destinations and hiking trailheads. They are also conveniently situated near Interstates 15 and 215 and just 12 miles south of downtown Salt Lake.
“The Ridge is an accretive acquisition to our Salt Lake City portfolio,” said Rick Wiener, Chairman of MAXX Properties. “Our family business has been conducting business in Salt Lake City since the late ‘90s and Utah still has the quality of life and attraction it had a quarter century ago. We anticipate continued strong fundamentals in Salt Lake City bolstered by a growing trend by employers and individuals alike to live and work in places connected directly to the great outdoors.”
The Ridge was partially capitalized through a long-term, fixed rate mortgage loan provided by New York Life Insurance Company.
About MAXX PROPERTIES
MAXX Properties is a privately held, 85-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 39 communities consisting of 9,351 owned multifamily units in six states across the country and an additional 992 sponsor units and 32 managed cooperative units in New York. For more information, please visit www.maxxproperties.com.