Maxus Properties Completes Formation of Opportunity Zone Fund to Invest in Real Estate Properties

NORTH KANSAS, MO – Maxus Properties (“Maxus”), a real estate investment and property management company with corporate headquarters located in North Kansas City, MO, has recently completed the formation of an Opportunity Zone Fund – Maxus Opportunity Fund I, LLC (“Fund”).  The purpose of the Fund is to invest in real estate properties to be developed in qualified opportunity zones. Maxus Realty Trust, Inc. (“MRTI”) is the manager of the Fund.

On August 31, 2018, the Fund completed its initial acquisition – The Metropolitan Apartments (“Metropolitan”) in Birmingham, Alabama.  Construction for The Metropolitan is expected to be completed in phases through March 2019. When construction is complete, the Metropolitan will be comprised of 262 apartment units with approximately 237,000 square feet of rentable space.

“We are thrilled to launch Maxus Opportunity Fund I,” said David Johnson, Maxus Chairman and CEO.  “This vehicle will allow investors to diversify within multifamily commercial real estate as well take advantage of the powerful tax advantages provided by the recently passed Tax Cuts and Jobs Act.  Our proven operating experience and extensive pipeline of upcoming acquisitions coupled with the recent addition of The Metropolitan, uniquely positions Maxus Opportunity Fund I within this new and exciting investment space.”

Maxus 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 56 multifamily apartment units consisting of approximately 12,100 apartment units and approximately 500,000 square feet of commercial space located in 13 states including Alabama, Arkansas, Florida, Georgia, Kansas, Kentucky, Louisiana, Mississippi, Missouri, New Mexico, North Carolina, Oklahoma and Texas.