Maxx Properties Buys South Florida Rental $47M
By Julia Echikson September 12, 2024 2:36 pm
reprints
Maxx Properties bought a multifamily complex in Wilton Manors, Fla., for $46.6 million, property records show.
Called ANKR Wilton Manors, the property houses 133 units across nine three-story buildings at 513 NE 21st Court, facing Wilton Drive, just north of Fort Lauderdale.
The Purchase, N.Y.-based buyer secured a $37.7 million acquisition loan from CBRE Capital Markets, according to the mortgage documents. The debt, which is backed by Freddie Mac (FMCC), is scheduled to mature in 2031.
ANKR Wilton Manors’ apartments and townhomes range from 686 to 1,667 square feet. Amenities include a fitness center, a pool and a resident lounge. Maxx Properties plans to renovate the complex, including upgrades to the leasing center.
The sale appears to be the first time the 204,192-square-foot property has been traded. The seller, Gables Residential, completed it in 2009.
The acquisition also raises Maxx Properties’ Florida portfolio to five assets. In South Florida, it also owns The Upton Apartment Homes, a 148-unit property in Hollywood.
Representatives for Gables Residential and Maxx Properties did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
