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 the Arbors at Natchez Trace apartment community (“Arbors”) in Ridgeland, Mississippi for $30.7 million. Arbors includes approximately 343,000 square feet of rentable area spread over 328 apartment units. The acquisition was completed through Arbors Acquisition LLC, a wholly owned subsidiary of MRTI.
In connection with the acquisition, we obtained a mortgage loan for $24.5 million from Northmarq Capital LLC with a maturity of November 1, 2025 and fixed interest rate of 4.45% secured by the assets of Arbors Acquisition LLC.
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, Mississippi and North Carolina. MRTI has ownership interests in 25 multifamily properties (6,617 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”).