AndMark and Trinity Multifamily have acquired Iowa-based Hidden Bluffs, a property that features one, two- and three-bedroom units, ranging in size from 667 to 1,144 square feet. The purchase was made with a $3.78 million mortgage from Berkadia Commercial Mortgage.
FORT SMITH, Ark.–(BUSINESS WIRE)–AndMark Investment Fund IV purchased Hidden Bluffs, a 100-unit asset in Council Bluffs, IA with a $3.78 million mortgage originated by Berkadia Commercial Mortgage. This property will be managed by Trinity Multifamily, who manages most of AndMark’s forty plus properties throughout the Midwest.
Located on a 10.92-acre parcel at 1106 Marshall Avenue in Council Bluffs. The property features a mix of one, two- and three-bedroom units, ranging in size from 667 to 1,144 square feet. Community amenities include a clubhouse, fitness center and garage access. The community opened in 1978, and the most recent renovations occurred in 2011, according to CoStar Property. AndMark has allocated a substantial amount of capital to significantly upgrade Hidden Bluffs – with improvements to the exterior of the property along with renovating the interiors of most units.
Doug Dedmon, Principal Broker and Executive Vice President of Trinity Multifamily said “At Trinity we are excited to both enter into our 11th state and to help grow the AndMark portfolio. Hidden Bluffs will be our first deal under management in the State of Iowa and the Omaha MSA. This asset provides a great opportunity to implement our proven management style and we look forward to seeing what the future holds for our partnership in this region.”
Mark Mosch, President of AndMark Management Company said “This is the exact kind of deal AndMark looks for – a neglected property in an area that has an excellent demographic and economic profile. We plan to invest to improve this property on a number of levels and to make it an excellent example of how workforce housing should be run. We are excited to finally enter the Omaha MSA and are looking to add another 2 or 3 properties in this area to our portfolio over the next 12 months.”
About Trinity: Founded in 2004, Trinity Multifamily offers development, construction, property rehab, management and acquisition of residential and commercial real estate for their clients. Their expertise in marketing, leasing, sales and renovation has proven to maximize long term profitability for close to 17,000 units in 11 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 12 states, and seek to acquire another 5,000 units over the next 24 months as they deploy the capital from AndMark Fund IV. Further information about AndMark is available at www.andmarkfunds.com.