Real Estate Investment Trust
We intend to be the recognized leader in the property management industry.
Maxus Properties, Inc. has been in business since 1987. During the 1990’s Maxus responded to the change in the rental markets by taking over several struggling public partnerships and capitalizing on opportunities created through syndication of Low Income Housing Tax Credits. Maxus currently operates rental housing of every income level and continues to have substantial operations with market properties as well as with those under various affordable housing programs. Maxus also specializes in turn-arounds. We have taken over struggling partnerships, tenant-in-common deals and REITs and have been involved in the purchase of hundreds of millions of dollars in distressed debt.
Our growth and success through the years have been based upon the pride we take in creating, maintaining and enhancing the value of both the residential and commercial properties we own and manage. Value enhancement is the focus of our business. Maxus regional corporate supervisors and administrators have over 50 years of combined experience in providing full apartment management property services. Our leadership and staff are experienced professionals who have devoted long careers to property management, understanding each property’s unique requirements. Whether its Class A new construction or Class B rehabilitations, our more than 300 in-house and on-site employees assure long-term continuity and direction. Our people know the business. Our goal is to provide solutions before there’s a problem. By delivering quality services using state of the art technology, resident retention is increased resulting in lower turnover costs and higher occupancy.
On June 12, 2013, a wholly owned subsidiary of Maxus Realty Trust, Inc. has completed the acquisition of a 59% undivided interest in the Reserve at Tranquility Lake (Tranquility) residential apartment community in Pearland, Texas. Pearland is located in the greater Houston metropolitan area. Tranquility includes approximately 325,000 square feet of rentable area spread over 314 units and a variety of resident amenities. The 59% undivided interest in Tranquility was acquired by MRTI through a 1031 tax free exchange using funds made available from the sale of Kings Court/Terrace Acquisition, LLC (Kings Court), a wholly-owned subsidiary of Maxus Operating Limited Partnership, MRTI’s operating limited partnership. Kings Court, along with Grand Acquisition LLC, jointly purchased the balance of Tranquility as tenants-in-common for an aggregate purchase price of approximately $30.6 million. USA Tranquility Lake 2, LLC held a 4% tenant-in-common interest prior to the transaction and maintained its interest subsequently. Grand Acquisition LLC and USA Tranquility Lake 2, LLC, have related parties of MRTI as owners. The acquisition was financed with a $23.7 million mortgage loan and cash of approximately $6.9 million. The mortgage loan has a variable rate based on the 30 day LIBOR rate plus 225 basis points and a maturity date of June 2017. During the process all existing tenant-in-common owners were offered to stay in the transaction.
On January 24, 2014, three wholly-owned subsidiaries of Maxus Realty Trust, Inc., (the “Company”), Foothills Acquisition, I, LLC, Foothills Acquisition II, LLC and Foothills Acquisition III, LLC, completed the purchase of the multi-family 540 unit apartment complex located in Little Rock, Arkansas known as Foothills Apartments (the “Property”) for a total cash purchase price of $44.095 million, adjusted for standard prorations. The sale occurred pursuant to a Purchase and Sale Agreement (the “Purchase Agreement”) with Foothills Apartments Limited Partnership, Foothills II Apartments Limited Partnership and Foothills Apartments III, LLC (the “Sellers”) that was entered into on September 2, 2013. The Sellers are unrelated third parties. At closing, the existing three HUD mortgage loans on the Property in the approximate aggregate amount of $29.633 million were assumed and other prorated items and expenses were paid, resulting in net cash due from the Company of approximately $12.585 million.
New Acquisition- In October 2013, Vanguard Acquisition LLC purchase Vangard Lofts, an 82 unit apartment community in Saint Louis, Missouri
New Acquisition – In August 2013, Elements Acquisition, L.L.C. purchased Elements of Belle Rive Apartments, a 200 unit apartment community in Jacksonville, Florida
New Acquisition – In August 2013, Briarcliff Apartment Homes, L.L.C. purchased the Province of Briarcliff Apartments, a 120 unit apartment community in North Kansas City, Missouri
New Purchase - In December of 2012, MLake 83, L.L.C. purchased the general partner interest of the Cold Storage Lofts a 224 unit renovated historic loft community in downtown Kansas City, Missouri
New Acquisition - In December of 2012, Park Edge Acquisition L.L.C. purchased Park Edge, a 260 unit apartment community in Lenexa, Kansas
New Acquisition - In May 2012, Bogen Acquisition L.L.C. purchased The Bogen Lofts, a 114 unit urban loft community in downtown St. Louis, Missouri.
Maxus Properties, Inc. also manages the multifamily housing and commercial assets held by Maxus Realty Trust, Inc. ("MRTI"), a Real Estate Investment Trust. For more information, please visit MRTI.com.
104 Armour Road
North Kansas City, MO 64116
P.O. Box 34729
North Kansas City, MO 64116