AndMark and Trinity Multifamily Expand their Memphis Presence
Aug 25, 2017
The California-based AndMark Management Company and their Arkansas-based partner Trinity Multifamily have teamed up to acquire 2 assets representing 310 units in northern Memphis.
by Misty Steuart | Aug 25, 2017
AndMark Investment Fund III purchased Garden Wood Apartments, a 152-unit Class C asset in Bartlett, TN, a suburb of Memphis, as well as Greenview Estates, a 158 unit Class C asset in a nearby suburb. This is their 4th acquisition in the Memphis area since mid 2016. The properties will be managed by Trinity Multifamily, who manages most of AndMark’s thirty plus properties throughout the Midwest.
Garden Wood Apartments, Memphis, TN
Greenview Estates, Memphis, TN
Dave Pinson, President and CEO of Trinity Multifamily said “With the recent upswing in the Memphis market we are excited to add more units in the area. Both properties exhibit strong value add components and we look forward to achieving them”. Mark Mosch, CEO of AndMark Management Company, added that “We have been very pleased with the performance of our Bartlett Crossing property over the last 9 months within this same submarket, and think the addition of 310 units will add to our economies of scale in this area”.
AndMark plans to spend several hundred thousand dollars with Trinity Multifamily to upgrade the properties upon acquisition. Mosch continues: “We and Trinity have had tremendous success employing similar strategies with properties in other states and both of these properties hold promise for excellent cash flow with upside potential”.
About Trinity Multifamily: Founded in 2004, Trinity Multifamily offers development, construction, property rehab, management and acquisition of residential and commercial real estate for all of their clients. 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 over 14,000 units in 7 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. Between their three funds, the company currently owns close to 4,000 units in 9 states and expects to expand that to over 5,000 by the end of 2017. Further information about AndMark is available at www.andmarkfunds.com