May 8, 2017
Maxus Realty Trust, Inc. Acquires Apartment Communities in Palm Coast, Florida and Raeford, North Carolina. Read full press release here.
May 2, 2017
On May 2nd, 2017 Maxus completed the acquisition of the Stone Gables apartment community in Raeford, North Carolina. Stone Gables was constructed in 2013 and includes 192 apartment units compromising approximately 206,256 square feet.
January 1, 2017
On January 1st, 2017, Maxus has completed the acquisition of the Olde Oak apartment community in Saraland, Alabama. Olde Oak was constructed in 2009 and includes 240 apartment units compromising approximately 216,520 square feet.
May 3, 2016
On May 3rd, 2016, Maxus took over the management of Thomaston Crossing Apartments in Macon, Georgia. Thomaston Crossing is a 250 unit property with 260,040 sq. ft of rentable surface. The property was constructed in 2014 and is located on 21.84 acres.
December 31, 2015
On December 31, 2015, Maxus Properties has completed the acquisition of the Mallard Creek apartment community in Horn Lake, Mississippi for $8,160,000. Horn Lake is a suburb of Memphis, Tennessee. Mallard Creek was constructed in 1998 and includes 144 apartment units comprising approximately 165,000 square feet.
December 29, 2015
On December 29, 2015, Maxus Properties completed the acquisition of The Villaggio apartment community in Bossier City, Louisiana for $22,050,000. Bossier City is a suburb of Shreveport, Louisiana and home to Barksdale Air Force Base. The Villaggio was constructed in 2009 and includes approximately 239 apartment units comprising 233,000 square feet. In addition, the property has approximately 51,000 square feet of retail space. MRTI intends to convert 15,000 – 20,000 square feet of the retail space into approximately 15 additional apartment units.
October 22, 2015
On October 22, 2015, Maxus Properties took over management of the Arbors at Natchez Trace a 328 unit apartment community in Ridgeland, Mississippi.
October 1, 2015
On October 1, 2015, Maxus Properties took over management of the Grand at Pearl Apartments a 280 unit apartment community in Pearl, Mississippi.
August 3, 2015
On August 3, 2015, Maxus Properties took over management of the Astoria Apartments, a 272 unit apartment community in Hope Mills, North Carolina.
July 15, 2015
New Acquisition – On July 15, 2015, Cross Creek Acquisition, LLC purchased Cross Creek Apartments, a 256 unit apartment community in Wichita, Kansas.
March 3, 2015
New Acquisition – On March 3, 2015, Axiom Springs Acquisition LLC purchased Chapel Ridge of Hot Springs, an 88 unit apartment community in Hot Springs, Arkansas.
New Acquisition – In November 2014, Wilmington Acquisition, LLC purchased Wilmington Apartments, an 120 unit apartment community in North Little Rock, Arkansas.
New Acquisition – In September 2014, Springdale Ridge Acquisition, LLC purchased Springdale Ridge, an 192 unit apartment community in Springdale, Arkansas.
June 12, 2014
On June 12, 2014, 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.
January 24, 2014
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.