Market Overview

Maxx Properties Acquires Cobble Creek Apartments


Maxx Properties (Maxx) announced today that it has completed the
acquisition of Cobble Creek Apartments, a 361-unit apartment community
located in Salt Lake City, Utah.

This press release features multimedia. View the full release here:

Cobble Creek Apartments, Salt Lake City, UT (Photo: Business Wire)

Cobble Creek Apartments, Salt Lake City, UT (Photo: Business Wire)

Cobble Creek was developed in 1974 and is located in the desirable
Holladay submarket of Salt Lake City, providing residents immediate
access to the region's diverse employment nodes and retail locations.
The community offers a resort-style setting with flowing streams and
attractive views of the Wasatch Mountains.

Maxx plans to complete a comprehensive modernization program including
improvements to the clubhouse, all common areas, and full unit
renovations. Cobble Creek offers a mix of one and two bedroom units
ranging in size from 720 to 990 square feet. The property sits on 18
acres and offers landscaped grounds with stream and water features
throughout. The gated community amenities include a large swimming pool
with sundeck and spa; numerous barbeque grill and picnic areas; 24-hour
fitness center offering cardio and strength training equipment and a
stand- alone clubhouse featuring a billiards table and common area
Wi-Fi. The community also provides residents with an array of outdoor
recreation opportunities including basketball, tennis, and sand
volleyball courts, as well as an on-site dog park and dry sauna.

Commenting on the announcement, Ed Lange, CEO of Maxx said, "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. 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."

In connection with the acquisition, Maxx entered into a long-term, fixed
rate mortgage loan with Fannie Mae. KeyBank served as the originator and
placement agent for the transaction.

About MAXX Properties:

Maxx Properties is a privately held, 81-year-old real estate firm
consisting of multifamily, commercial, and COOP ownership and
management. Now operating under the fourth generation of Wiener family
leadership, the Maxx portfolio includes 83 buildings consisting of 9,807
owned units and 13,000 managed units in six states across the country.

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