AndMark buys Rivershell Apartments for $5.6 mln

AndMark has acquired Lansing, Michigan-based Rivershell Apartments, a garden apartment community. The price of the acquisition was $5.6 million. Trinity Multifamily will manage the property.

PRESS RELEASE

FORT SMITH, Ark.–(BUSINESS WIRE)–AndMark Investment Fund IV has purchased Rivershell Apartments, a 136-unit Class C garden apartment community in Lansing, Michigan. Financing for the $5,600,000 property was provided by a Freddie Mac loan via Berkadia. This property will be managed by Trinity Multifamily, who manages most of AndMark’s thirty plus properties throughout the Midwest.

Dave Pinson, President and CEO of Trinity Multifamily, said, “The addition of Rivershell Apartments, our 33rd property with AndMark, allows us the opportunity to not only enter into our 10th State but also to grow our footprint in the region. The property and market demonstrate strong fundamentals and will provide a base of operations as we continue to search for other properties in the area.”

Mark Mosch, CEO of AndMark Management Company, said, “Rivershell was a very well maintained asset in the exact kind of market that AndMark is interested in: a robust secondary market with plenty of government and education jobs as well as a diverse and growing private sector. We look forward to acquiring more assets in the Central Michigan area in order to realize economies of scale in that region.”

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 17,000 units in 10 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 5,000 units across 11 states, and seek to acquire another 5,000 units over the next 24 months as they deploy the equity capital from AndMark Fund IV. Further information about AndMark is available at www.andmarkfunds.com.