LANSING –– AndMark Management Co. LLC has acquired a 136-unit apartment complex in Lansing.
The Fort Smith, Ark.-based real estate investment fund bought Rivershell Apartments in southwest Lansing for $5.6 million, according to a statement.
The Class C “garden apartment community” will be managed by Trinity Multifamily, an Arkansas-based property management firm.
“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,” Dave Pinson, President and CEO of Trinity Multifamily, said in a statement. “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.”
Financing for the deal was provided by Freddie Mac loan through Berkadia Proprietary Holding LLC, a commercial real estate firm.
Mark Mosch, CEO of AndMark, stated the real estate investment trust (REIT) views the Lansing area as a market for future growth.
“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,” Mosch said in a statement. “We look forward to acquiring more assets in the Central Michigan area in order to realize economies of scale in that region.”