MAXX Properties Grows Las Vegas Portfolio
- Nov 12, 2019
MAXX Properties has purchased Madison at Spring Valley, a 168-unit community in Las Vegas. Seller Madison Residential divested from the Class B asset had purchased the property for $18.2 million in 2017, according to Yardi Matrix. KeyBank provided fixed-rate acquisition financing to the buyer.
Situated on 7.3 acres at 5540 W. Harmon Ave., the property is located in the Spring Valley neighborhood, between the Strip and Summerlin, some 8 miles from downtown Las Vegas. Madison at Spring Valley is near Interstate 15, which enables access to the McCarran International Airport and to nearby employment nodes and retail centers.
Developed in 2000, the seven-building asset comprises a mix of one-, two- and three-bedroom units, averaging 909 square feet. The pet-friendly property’s amenities include a swimming pool, playground, clubhouse, 24-hour fitness center. The buyer plans to upgrade apartment interiors and common areas.
In May, MAXX Properties purchased a 609-unit property in Henderson, Nev. According to Yardi Matrix, the company owns five properties in Nevada, totaling approximately 1,800 units.