Maxx Properties Acquires Salt Lake City Property
The company plans to fully renovate the 361 units and common areas of the 1970s-era Cobble Creek Apartments, which is located 10 miles south of the city’s downtown.
Cobble Creek Apartments
Maxx Properties has purchased Cobble Creek Apartments, a 361-unit community in Salt Lake City. The seller, NALS Apartment Homes, picked up the asset in 2005, according to public records. KeyBank provided a fixed-rate permanent Fannie Mae acquisition loan to the new owner.
Located at 5251 S. 1300 E. in Salt Lake City’s Holladay submarket, the community is positioned approximately 4 miles northeast of the intersection of interstates 15 and 215, 10 miles south of the city center. Several Utah Transit Authority bus lines serve the area, linking it to the wider metro area. A number of dining and shopping options are nearby, along the Van Winkle retail corridor.
The community, opened in 1974, includes 30 three-story buildings containing a mix of one- and two-bedroom units. Floorplans range from 743 to 990 square feet. Maxx plans to completely renovate both the units and common areas of the asset. Property amenities include:
- 24-hour fitness center
- complimentary Wi-Fi in common areas
- swimming pool with spa
- dog park
“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,” said Ed Lange, CEO of Maxx, in a prepared statement. “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.”
Image courtesy of Yardi Matrix
