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.