NORTH KANSAS CITY, MO - Maxus Realty Trust, Inc. (“MRTI”), a real estate investment trust ("REIT") with corporate headquarters located in North Kansas City, MO, has recently completed the acquisition of two apartment communities.
MRTI completed the acquisition of the Pine Lake apartment community on May 2, 2017. Pine Lake is located in Palm Coast, Florida. The acquisition price was approximately $25.5 million. Pine Lake was constructed in 2005 and includes 184 apartment units comprising approximately 200,000 square feet. With the acquisition of Pine Lake, MRTI now operates three apartment communities totaling 573 apartment units in northeast Florida.
On May 4, 2017, MRTI completed the acquisition of the Stone Gables apartment community located in Raeford, North Carolina, for an acquisition price of approximately $20.7 million. Stone Gables was constructed in 2013 and includes 192 apartment units comprising approximately 206,000 square feet.
“We are pleased to add these two high quality apartment communities to our portfolio,” said David Johnson, MRTI’s Chairman and CEO. "Pine Lake and Stone Gables expand our footprint in the southeast United States and advances our strategy of reducing the average age of our portfolio.”
MRTI is a REIT that is in the business of acquiring, investing, developing and redeveloping multifamily and commercial properties with properties in Alabama, Arkansas, Florida, Georgia, Kansas, Louisiana, Mississippi, Missouri, North Carolina, Oklahoma and Texas. MRTI has ownership interests in 30 multifamily properties (7,702 apartment homes) and has approximately 92,000 square feet of retail space. MRTI’s common stock is quoted on the OTC Pink market tier of the OTC market, which operates an interdealer quotation system and electronic messaging service, called OTC Link®, for broker-dealers to trade OTC equity securities.
Additional information about MRTI may be found at www.otcmarkets.com (symbol “MRTI”).