AndMark, Trinity Increase GA Footprints
- Mar 23, 2018
AndMark Management Co. has acquired Summerfield at Northlake, a 115-unit Class B Georgia apartment community, from King Management. Trinity Multifamily, which oversees operations at most of AndMark’s holdings, will manage the asset.
The new owner financed its purchase with a $3.3 million mortgage originated by Bellwether Enterprise and assigned to Fannie Mae, according to Houston County records.
Located on an 18.3-acre parcel at 310 Northlake Drive in Warner Robins, the property’s 15 one- and two-story buildings are positioned approximately three miles from U.S. Highway 129, enabling direct access into Macon, 10 miles north. The property features a mix of one- and two-bedroom units, ranging in size from 550 to 1,100 square feet. Community amenities include a swimming pool, laundry facilities, outside storage units and 190 parking spaces. The community opened in 1978, and the most recent renovations occurred in 2012 and 2013, shortly after the seller picked up the asset from Beneficial Holdings for $1.4 million, according to Yardi Matrix.
“Having recently closed on our fourth fund—AndMark Investment Fund IV—we are looking to deploy our $72 million in committed capital into areas that meet our investment criteria,” said Mark Mosch, president of Andmark Management Co., in a prepared statement. “This investment builds on our existing investment in Warner Robins and helps us scale our operations in Georgia. We look forward to acquiring several additional properties in the Southeast as this region has some very attractive economic and demographic fundamentals.”
Image courtesy of Yardi Matrix