SALT LAKE CITY, UT – Maxx Properties announced that it has completed the acquisition of Cobble Creek Apartments, a 361-unit apartment community located in Salt Lake City.

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.

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SAN ANTONIO, TX – 37th Parallel Properties, a commercial multifamily acquisitions and asset management firm, announced it has recently closed on Summit of Thousand Oaks in San Antonio, TX.

Summit is a 224-unit garden-style complex, consisting of 144 one-bedroom apartments, and 80 two-bedroom apartments. Built in 1983, the complex has 161,816 feet of rentable space.

“San Antonio is a strong multifamily market. Its population is growing at twice the national average and five Fortune 500 Companies are headquartered there,” said Dan Chamberlain, COO of 37th Parallel. “The job market is very diverse and has a long history of above national average employment rates.”

“In addition, Summit is a sister property directly next to Hillcreste at Thousand Oaks, which we bought last fall. The synergies between these two properties will benefit both investments.”

Property amenities include a community center, gated access, carports, as well as an attractive pool area and fitness center.

Cutt Ableson, managing director for Berkadia’s Houston office provided a Freddie Mac Green loan which provides a lower interest rate on the loan as well as incentives to reduce water and energy consumption at the property.

“Because of 37th Parallel’s strong operational track record, they were able to secure a non-recourse loan with several years of interest only payments.”

37th Parallel plans on implementing several capital improvement programs at Summit. Plotted improvements include new retaining walls and landscaping, improvements to the community center and leasing office and a unit improvement program that will feature updated kitchens and flooring.

Look for additional acquisition announcements later this year and beyond as 37th Parallel adds more stable multifamily assets to the portfolio.

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ATLANTA, GA – TriBridge Residential, an Atlanta-based multifamily investment and management company, and Sefira Capital, a Miami-based real estate investment firm, announced their acquisition of Ivy Hall, a 110-unit boutique community in Midtown Atlanta.

“The strength of Midtown as a walkable work-live-play neighborhood with convenient access to transit underpins our investment thesis,” said Steve Broome, Managing Partner of Acquisitions at TriBridge.

The mid-rise podium-style building was completed in 2010 and sits in immediate proximity to Tech Square, the Emory Midtown Medical Hub, and Ponce City Market. The luxury apartments feature expansive views of Midtown and top-of-market finishes, including 10-foot ceilings, luxury wood custom cabinets, crown- and chair- molding, walk-in closets, and large lanais and terraces. TriBridge and Sefira plot to immediately upgrade the two dog parks, pool-side fitness center, and all indoor and outdoor amenity spaces.

“Midtown’s population has grown five times quicker than the City of Atlanta’s since 2000 because residents are demanding unparalleled convenience – the physical manifestation of on-demand services and entertainment,” added Andy Green, Acquisitions Principal at TriBridge.

Midtown features 22 million SF of office space employing over 100,000 people, 750,000 SF of retail, and over 150 restaurants. Mijael Attias, Managing Partner at Sefira, elaborated: “Ivy Hall’sproximity to brilliant employers and superb amenities has made strong demand from both millennials and downsizing empty nesters alike.”

TriBridge sourced and secured the off-market deal in the summer of 2018. In the past twelve months, the company has completed over $330 million in total transactions. This is TriBridge and Sefira’s second investment together in the past year.

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