NORTH KANSAS CITY, MO – Maxus Realty Trust, Inc. (“MRTI”), a real estate investment trust with corporate headquarters located in North Kansas City, MO, has completed the acquisition of Colony Park & Grande at Colony Park apartments in Pearl, Mississippi for $16.4 million.
Pearl is a suburb of Jackson, Mississippi.
Upon acquiring the properties, MRTI renamed the combined properties Grand at Pearl Apartments.
Grand at Pearl was constructed in two phases in 1999 and 2004 and includes approximately 322,000 square feet of rentable area spread over 280 apartment units.
MRTI is a REIT that is in the business of acquiring, investing, developing and redeveloping multifamily and commercial properties in Missouri, Arkansas, Oklahoma, Texas, Florida, Iowa, Kansas and Mississippi. MRTI has ownership interests in 24 multifamily properties (6,412 apartment homes) and has 40,412 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”).