MAXX Properties Expands Holdings in Las Vegas Area
- May 22, 2019
MAXX Properties, a privately held real estate company that invests in multifamily communities in six states, is expanding its Las Vegas area holdings with the acquisition of the 609-unit Villas at Green Valley in Henderson, Nev.
With 38 buildings across 21 acres, this is the Harrison, N.Y.-based company’s largest single-asset acquisition in the firm’s history in both number of apartment units and invested capital. Ed Lange, MAXX Properties CEO, declined to state the amount paid for the Villas at Green Valley or the seller. He told Multi-Housing News the second largest transaction for the firm in terms of unit count was Boulevard @ 4201 in Las Vegas. That property, purchased in August 2005, has 560 units and was the company’s first acquisition in the Las Vegas market.
“We’ve been actively investing in the Las Vegas market for over 10 years and will continue to explore additional opportunities,” Lange told MHN.
Villas at Green Valley was partially capitalized through the recent sale of Cedar Run Apartments, a 384-unit community in Denver, for $62 million to Gelt Inc. MAXX also financed the acquisition with a long-term, fixed-rate mortgage loan from Fannie Mae originated and placed by KeyBank.
Strategic Reinvestment Plan
Lange said the sale of Cedar Run and the acquisition of Villas at Green Valley are part of a strategic, long-term capital recycling program designed to dispose of mature or non-core assets and reinvest in value-add opportunities in the company’s core markets. In addition to Nevada, MAXX owns multifamily properties in the states of Utah, Arizona, Colorado, Florida and New York—mainly in the New York City boroughs of the Bronx, Brooklyn, Queens and Manhattan, and nearby Westchester County, N.Y.
“MAXX Properties has an active regional office in Denver and we are operating and investing in markets with vibrant economies including Denver, Phoenix, Salt Lake City and Las Vegas,” Lange told MHN. “We believe these markets to be well-positioned for growth with strong market fundamentals which will generate new and lasting value for our investors.”
Villas at Green Valley is the company’s fifth property in the Las Vegas market. In addition to Boulevard @ 4201, MAXX also owns Palermo Apartments in Las Vegas and Remington Canyon and Ventura Canyon, both located in Henderson.
The community was developed in 1984 and 1986 and offers one-, two- and three-bedroom floorplans with an average unit size of 781 square feet. There are six options with open layouts featuring walk-in closets, oversized balconies and patios with golf course views, full-size washers and dryers and fireplaces in select units. Community amenities include two swimming pools, a spa, fitness center, sports court, two dog parks, parcel lockers, a business center and resident lounge. MAXX pans to complete a comprehensive modernization program including making improvements to the clubhouse, all common areas and units.