AndMark has acquired Omaha, Nebraska-based Soreonson Square, an apartment community. No financial terms were disclosed. Trinity Multifamily will manage the property.
FORT SMITH, Ark.–(BUSINESS WIRE)–AndMark Investment Fund IV purchased Sorenson Square, an 84-unit, garden-style apartment community located in Omaha, NE, approximately seven miles from the city’s downtown. Financing for the property was provided by Berkadia. This property will be managed by Trinity Multifamily, who also manages many of AndMark’s forty plus properties throughout the Midwest.
Dave Pinson, President and CEO of Trinity Multifamily said, “The addition of Sorenson Square Apartments allows us the opportunity to not only enter into our 15th State but also to grow our footprint in the region. We continue to search for other properties in the area.”
Mark Mosch, CEO of AndMark Management Company said, “The acquisition of Sorenson allows us to scale in this market – building off of our acquisition of the Hidden Bluffs property in Council Bluffs, IA last year. The Omaha MSA has very strong economic fundamentals and we have been looking to expand our presence in that market for some time.”
About Trinity: Founded in 2004, Trinity Multifamily offers a group of real estate companies engaged in the development, management and acquisition of residential and commercial real estate. Their property management team combines the experience of ownership, development and management of multifamily apartment communities with their expertise in marketing, leasing, sales and renovation to maximize long term profitability for close to 21,000 units in 15 states. Further information about Trinity can be found at www.trinitymultifamily.com.
About AndMark: AndMark Management Company manages several private equity funds that invest exclusively in Class B and C workforce housing in secondary and tertiary markets in the United States. They currently own over 7,500 units across 15 states, and seek to acquire another 5,000 units over the next 12 months as they deploy the equity capital from AndMark Fund IV. Further information about AndMark is available at www.andmarkfunds.com.