NORTH KANSAS CITY, MO – February 21, 2019 – Maxus Opportunity Fund I, LLC (“MOF I”) has completed the acquisition of Town Park Lofts at West Sullivan (“Project”) in Kingsport, Tennessee. The Project is located in an opportunity zone – a state-designated census tract that qualifies for federal tax benefits as part of the Tax Cuts and Jobs Act – that encourages private investment in underdeveloped communities. This is MOF I’s second opportunity zone project, and its first in Tennessee.
Units have begun leasing although the Project remains under construction targeting a spring-2019 completion. Amenities include a pool, clubhouse with business and fitness centers, stainless appliance, in-unit washers and dryers, 9’ ceilings and private balconies. Complementing the four-story apartment complex is ground floor commercial space and walkability for residents working or playing in downtown Kingsport.
“Walkable, mixed use, urban living is a winning combination and we believe we’re getting all three with Town Park Lofts. This acquisition fills out our vision for Maxus Opportunity Fund I which provides investors access to terrific multifamily property, coupled with the powerful tax benefits offered by opportunity zone investment,” said David Johnson, Maxus Chairman and CEO. “We look forward to managing what will certainly be the premier apartment product in the area.”
Maxus Opportunity Fund I is a qualified opportunity fund. Maxus Properties, it’s general partner, is a real estate investment and property management company that is in the business of acquiring, investing, developing and redeveloping multifamily and commercial properties, primarily in the southeast United States. Maxus affiliated entities control over 50 multifamily apartment complexes consisting of approximately 12,100 apartment units and approximately 500,000 square feet of commercial space located in 14 states including Alabama, Arkansas, Florida, Georgia, Kansas, Kentucky, Louisiana, Mississippi, Missouri, New Mexico, North Carolina, Oklahoma, Texas…and now, Tennessee.
This press release is not intended to be, nor should it be construed or used as, investment, tax, or financial advice or an offer to sell or a solicitation of an investment in any securities offered by or any project managed or advised by Maxus and/or its affiliates, including, but not limited to, Maxus Opportunity Fund I. Any offer or solicitation of an investment may be made only by delivery of confidential offering documents (collectively, the “Offering Documents”). Prospective investors should review carefully and rely solely on Offering Documents in making any investment decision.
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