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. 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. During the process all existing tenant-in-common owners were offered to stay in the transaction.
ELEMENTS OF BELLE RIVE PLUS
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. The acquisition was financed with a $23.7 million mortgage loan and cash of approximately $6.9 million. Grand Acquisition LLC and USA Tranquility Lake 2, LLC, have related parties of MRTI as owners. USA Tranquility Lake 2, LLC held a 4% tenant-in-common interest prior to the transaction and maintained its interest subsequently. 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.
ELEMENTS OF BELLE RIVE FREE
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. Tranquility includes approximately 325,000 square feet of rentable area spread over 314 units and a variety of resident amenities. Pearland is located in the greater Houston metropolitan area. has completed the acquisition of a 59% undivided interest in the Reserve at Tranquility Lake (Tranquility) residential apartment community in Pearland, Texas. On June 12, 2014, a wholly owned subsidiary of Maxus Realty Trust, Inc.
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