AndMark Increases AR Footprint
- Feb 08, 2018
AndMark Management Co. has partnered with Trinity Multifamily in the acquisition of three Arkansan multifamily properties encompassing 212 rental units. ERC sold two of the assets, both named Crown Ridge. A private investor sold the other community, Eastwood Apartments. Trinity Multifamily, which manages most of the firm’s holdings, will also manage the latest additions to AndMark’s portfolio.
The first Crown Ridge property is located at 1140 W. Cato Springs Road in Fayetteville. Containing 56 apartments across seven two-story buildings, the community was developed by ERC in 1998. AndMark acquired the asset for $1.8 million, according to Washington County public records. The property sits within one mile of both Interstate 49 and U.S. Highway 71, enabling convenient access to the city center.
Crown Ridge in Fort Smith, the second community involved in the transaction, sits at 7114 Texas Road. U.S. Highway 271 runs nearby, providing access to Fort Smith’s downtown area. Constructed in 1996 by ERC, the property contains 60 units in four two-story buildings. Community amenities include a swimming pool and surface parking.
High-occupancy suburban apartments
The third community, Eastwood Apartments, is situated at 1011 S. James St. in Jacksonville, 15 miles northeast of downtown Little Rock. The property’s 12 two-story buildings were constructed in 1977 and feature 96 two-bedroom units.
Eastwood Apartments provides amenities including a swimming pool and on-site laundry facilities. The asset is 93.8 percent occupied, according to Yardi Matrix data from December 2017.
Images courtesy of Yardi Matrix and via Google Maps