News Archive

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.

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.  

On December 31, 2013, MRTI purchased a 47.767% membership interest in Glen Acquisition, LLC.  As of December 31, 2013 MRTI now owns a controlling interest in the Glen at Polo Park Apartments, located in Bentonville, Arkansas.  Glen at Polo Park is a 356-unit Class A multifamily housing complex situated on 18.550 acres. 

On August 13, 2013, a wholly owned subsidiary of MOLP, Elements Acquisition, L.L.C. purchased Elements of Belle Rive Apartments for a purchase price of $17,825,000.  Elements of Belle Rive Apartments is a 200 unit residential apartment community located in Jacksonville, Florida. 

On August 15, 2013, MOLP purchased The Province of Briarcliff Apartments in exchange for the issuance of 8,000 MOLP operating units. The Province of Briarcliff Apartments is a 120 unit residential apartment community located in North Kansas City, Missouri.  Briarcliff Apartment Homes, L.L.C. will be a new subsidiary of MOLP. 

On December 20, 2012, Park Edge Acquisition, L.L.C., a wholly owned subsidiary of MOLP, acquired Park Edge Apartments, a 260 unit residential apartment community on 20.46 acres in Lenexa, Kansas for a purchase price of approximately $23,975,000.  

On December 10, 2012, a merger was consummated between Jefferson Park Partners I, L.P. with Jefferson Park Acquisition, L.P., a newly formed subsidiary of MOLP.  Jefferson Park Partners I, L.P. was the owner of Jefferson Park Apartments, a 207 unit multi-family housing apartment complex located in Liberty, Missouri.   

On March 21, 2012, a wholly owned subsidiary of MOLP, Rosehill Pointe Acquisition, L.L.C. purchased Rosehill Pointe Apartments for a purchase price of $28,750,000.  Rosehill Pointe Apartments is a 498 unit residential apartment community located on 30.52 acres in Lenexa, Kansas.

On March 2, 2012, a wholly owned subsidiary of MOLP, Forest Place TIC I, L.L.C. and Forest Place TIC II, L.L.C. jointly purchased the Forest Place Apartments as tenants-in-common for a purchase price of $17,600,000.  The Forest Place Apartments is a 256 unit residential apartment community located in  Little Rock, AR. 

On March 22, 2010, a subsidiary of Maxus Realty Trust, Inc. purchased Schoettler Village Apartments, a 300 unit residential apartment community located in Chesterfield, Missouri in the greater St. Louis area for a purchase price of $24,450,000.  Maxus employs 9 full-time management staff at Schoettler.

On October 30, 2009, a subsidiary of Maxus Realty Trust purchased Berkshire Apartments, a 252 unit multifamily apartment housing complex located in Wichita, KS for a purchase price of $10,349,000.  Maxus employs 6 for the management of the Berkshire Apartments.